Ceder Company has compiled the following data for the upcoming year: • Sales are expected to be 13,000 units at $55.00 each. • Each unit requires 4 pounds of direct materials at $3.30 per pound. Each unit requires 1.5 hours of direct labor at $16.00 per hour. Manufacturing overhead is $4.30 per unit. Beginning direct materials inventory is $4,800.00. Ending direct materials inventory is $6,050.0O. • Selling and administrative costs totaled $137,820. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete Ceder's budgeted income statement. (Do not round the intermediate values.) CEDER CORP. Budgeted Income Statement Budgeted Contribution Margin Budgeted Cost of Goods Sold Budgeted Interest Expense Budgeted Sales Returns and Allowances Budgeted Gross Margin 175,500 Budgeted Sales Revenue Budgeted Selling and Administrative Expenses Budgeted Net Operating Income $ 37,680

Ceder Company has compiled the following data for the upcoming year: • Sales are expected to be 13,000 units at $55.00 each. • Each unit requires 4 pounds of direct materials at $3.30 per pound. Each unit requires 1.5 hours of direct labor at $16.00 per hour. Manufacturing overhead is $4.30 per unit. Beginning direct materials inventory is $4,800.00. Ending direct materials inventory is $6,050.0O. • Selling and administrative costs totaled $137,820. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete Ceder's budgeted income statement. (Do not round the intermediate values.) CEDER CORP. Budgeted Income Statement Budgeted Contribution Margin Budgeted Cost of Goods Sold Budgeted Interest Expense Budgeted Sales Returns and Allowances Budgeted Gross Margin 175,500 Budgeted Sales Revenue Budgeted Selling and Administrative Expenses Budgeted Net Operating Income $ 37,680

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 1PA: Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Please answer required 1,2

Ceder Company has compiled the following data for the upcoming year:
Sales are expected to be 13,000 units at $55.00 each.
Each unit requires 4 pounds of direct materials at $3.30 per pound.
Each unit requires 1.5 hours of direct labor at $16.00 per hour.
• Manufacturing overhead is $4.30 per unit.
Beginning direct materials inventory is $4,800.00.
Ending direct materials inventory is $6,050.00.
Selling and administrative costs totaled $137,820.
Required:
1. Determine Ceder's budgeted cost of goods sold.
2. Complete Ceder's budgeted income statement.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Complete Ceder's budgeted income statement. (Do not round the intermediate values.)
CEDER CORP.
Budgeted Income Statement
Budgeted Contribution Margin
Budgeted Cost of Goods Sold
Budgeted Interest Expense
Budgeted Sales Returns and Allowances
Budgeted Gross Margin
175,500
Budgeted Sales Revenue
Budgeted Selling and Administrative Expenses
Budgeted Net Operating Income
$
37,680
< Required 1
Required 2 >

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