22 23 24 Sundancer, Inc. Income Statement For the Year Ended December 31, 2021 25 $ 2,968,750 564,000 10,000 26 27 Sales 28 *Cost of goods sold 29 Gross profit 30 Selling and administrative expenses 31 Income from operations 32 Interest expense 33 Income before income taxes 34 Income tax expense 35 Net Income 36 37 *Supplemental Schedule - COGS Cost per Unit 38 Cost Element 39 Plastic Parts Direct materials: 40 Metal Parts Direct materials: 41 Paint and Stickers Direct materials: 42 Direct labor 43 Manufacturing overhead - machine hours 44 Total COGS per Unit 45 Unit Cost Total Quantity pounds pounds pounds hour hour 46 47 48 49 K M N o P R S T B C E F H Sundancer Boats, Inc. manufactures paddle boats in various colors for 5-Star Resorts. Prepare the 2021 Income Statement based on the following information: 1. Luckily, the company got word of the huge increase in plastic and metal prices. They adjusted their actual unit selling price for the year to $4,750. However, they didn't sell the budgeted 675, they only sold 625 boats. 2. Based off the ACTUAL COSTS determined in 2021, compute the Supplemental Schedule for COGS. "Hint Use Actual Standard Costs from Tab CH24 Standard Costs ca 3. Fixed cost for 2021 were as follows: Building and Equipment Depreciation Company Insurance Company Advertising Selling and Administrative Salaries and Benefits $65,000 $24,000 $125,000 $350,000 Sundancer 4. Management had to borrow some money from the bank to start the business five years ago. As a result, they still have some interest expense. It is $10,000 per year. Management anticipates a 21% tax rate for the next several years. Sundancer, Inc. Income Statement For the Year Ended December 31, 2021 $ 2,968,750 564,000 - Sales *Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net Income 10,000 *Supplemental Schedule - COGS Cost per Unit Cost Element Quantity Unit Cost Total 22 23 24 Sundancer, Inc. Income Statement For the Year Ended December 31, 2021 25 $ 2,968,750 564,000 10,000 26 27 Sales 28 *Cost of goods sold 29 Gross profit 30 Selling and administrative expenses 31 Income from operations 32 Interest expense 33 Income before income taxes 34 Income tax expense 35 Net Income 36 37 *Supplemental Schedule - COGS Cost per Unit 38 Cost Element 39 Plastic Parts Direct materials: 40 Metal Parts Direct materials: 41 Paint and Stickers Direct materials: 42 Direct labor 43 Manufacturing overhead - machine hours 44 Total COGS per Unit 45 Unit Cost Total Quantity pounds pounds pounds hour hour 46 47 48 49 K M N o P R S T B C E F H Sundancer Boats, Inc. manufactures paddle boats in various colors for 5-Star Resorts. Prepare the 2021 Income Statement based on the following information: 1. Luckily, the company got word of the huge increase in plastic and metal prices. They adjusted their actual unit selling price for the year to $4,750. However, they didn't sell the budgeted 675, they only sold 625 boats. 2. Based off the ACTUAL COSTS determined in 2021, compute the Supplemental Schedule for COGS. "Hint Use Actual Standard Costs from Tab CH24 Standard Costs ca 3. Fixed cost for 2021 were as follows: Building and Equipment Depreciation Company Insurance Company Advertising Selling and Administrative Salaries and Benefits $65,000 $24,000 $125,000 $350,000 Sundancer 4. Management had to borrow some money from the bank to start the business five years ago. As a result, they still have some interest expense. It is $10,000 per year. Management anticipates a 21% tax rate for the next several years. Sundancer, Inc. Income Statement For the Year Ended December 31, 2021 $ 2,968,750 564,000 - Sales *Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net Income 10,000 *Supplemental Schedule - COGS Cost per Unit Cost Element Quantity Unit Cost Total