Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9]Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the followingsummary data to use in its annual budgeting process:Budgeted unit sales640•Selling price per unitCost per unitVariable selling and administrative expense (per unit)Fixed selling and administrative expense (per year)Interest expense for the yearRequired:Prepare the company's budgeted income statement for the year.Gig Harbor BoatingBudgeted Income Statement$ 2,040$ 1,370$ 75$ 300,000$ 20,000

Step 1:Working note:Sales= budgeted units* sale price = 640 units *$2,040 =$1,305,600Cost of goods…

Answered: Exercise 8-8 (Algo) Budgeted Income…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter8: Budgeting For Planning And Control

Section: Chapter Questions

Problem 7CE: Refer to Cornerstone Exercise 8.6. Required: 1. Calculate the total budgeted cost of units produced...

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Budgeted Income Statement Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Required: Using Schedule 9 as your guide, prepare the company’s budgeted income statement for the year.
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Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9] Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 740 $ 2,090 $ 1,490 $80 $ 345,000 25,000 B
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Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $13 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 18 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year $fill in the blank 2 fill in the blank 4 $fill in the blank 6 fill in the blank 8 fill in the blank 10 $fill in the blank 12 fill in the blank 14 $fill in the blank 16 Check My Work3
Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $12 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 23 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year $fill in the blank 2 fill in the blank 4 $fill in the blank 6 fill in the blank 8 fill in the blank 10 $fill in the blank 12 fill in the blank 14 $fill in the blank 16
Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $12 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 28 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year Sales v Cost of goods sold v Gross margin Less: Variable selling and administrative expenses Less: Fixed selling and administrative expenses Operating income Less: Income taxes Net income v 24
Use the following information for Exercises 9-50 and 9-51: Assume that Stillwater Designs produces two automotive subwoofers: S12L7 and S12L5. The S12L7 sells for 475, and the S12L5 sells for 300. Projected sales (number of speakers) for the coming 5 quarters are as follows: The vice president of sales believes that the projected sales are realistic and can be achieved by the company. Exercise 9-50 Sales Budget Refer to the information regarding Stillwater Designs above. Required: 1. Prepare a sales budget for each quarter of 20X1 and for the year in total. Show sales by product and in total for each time period. 2. CONCEPTUAL CONNECTION How will Stillwater Designs use this sales budget?

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