E8-15 (Algo) Preparing Budgeted Income Statement [LO 8-3h] Ceder Company has compiled the following data for the upcoming year: ● ● ● ● ● ● ● Sales are expected to be 13,500 units at $55.00 each. Each unit requires 4 pounds of direct materials at $2.40 per pound. Each unit requires 1.9 hours of direct labor at $15.00 per hour. Manufacturing overhead is $3.40 per unit. Beginning direct materials inventory is $3,900.00. Ending direct materials inventory is $4,700.00. Selling and administrative costs totaled $136,470. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement.

E8-15 (Algo) Preparing Budgeted Income Statement [LO 8-3h] Ceder Company has compiled the following data for the upcoming year: ● ● ● ● ● ● ● Sales are expected to be 13,500 units at $55.00 each. Each unit requires 4 pounds of direct materials at $2.40 per pound. Each unit requires 1.9 hours of direct labor at $15.00 per hour. Manufacturing overhead is $3.40 per unit. Beginning direct materials inventory is $3,900.00. Ending direct materials inventory is $4,700.00. Selling and administrative costs totaled $136,470. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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