Comprehensive Problem $5$

Part B:

Note: This section is a continuation from Part A of the comprehensive problem. Be sure you have completed Part A before attempting Part B$.$ You may have to refer back to data presented in Part A and use answers from Part A when completing this section.

Genuine Spice Inc. began operations on January $1$ of the current year. The company produces eight$-$ ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in $12-$bottle cases for $$100$ per case. There is a selling commission of $$20$ per case. The January direct materials, direct labor, and factory overhead costs are as follows:

Required:

$5.$ Prepare the August production budget. Enter all amounts as positive numbers.

$6.$ Prepare the August direct materials purchases budget. Enter the unit price to the nearest cent. Enter all amounts as positive numbers.

$7.$ Prepare the August direct labor cost budget. For hours required, round to nearest whole hour. For hourly rate, enter to the nearest cent, if required.

$8.$ Prepare the August factory overhead cost budget. If an amount box does not require an entry, leave it blank.

$9.$ Prepare the August budgeted income statement, including selling expenses. Enter all amounts as positive numbers.