23-2B

Answer a through e in excel format please

P23-2B Raleigh Inc. is preparing its annual budgets for the year ending December 31, 2012. Accounting assistants furnish the following data. Product LN 35 Product LN 40 Sales budget: Anticipated volume in units Unit selling price 400,000 $25 240,000 $35 Production budget Desired ending finished goods 30,000 25,000 units Beginning finished goods units 20,000 15,000 Direct materials budget: Direct materials per unit (pounds) 2 3 20,000 10,000 $3 Desired ending direct materials pounds 50,000 40,000 $2 Beginning direct materials pounds Cost per pound Direct labor budget Direct labor time per unit Direct labor rate per hour 0.5 $12 0.75 $12 Budgeted income statement: $20 $11 Total unit cost An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $750,000 for product LN 35 and $590,000 for product LN 40, and administrative expenses of $420,000 for product LN 35 and $380,000 for product LN 40, Income taxes are expected to be 30% Instructions Prepare the following budgets for the year. Show data for each product. You do not need to prepare quarterly budgets (a)Sales (b)Production (c)Direct materials (d)Direct labor (e)Income statement (Note: Income taxes are not allocated to the products.)