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 $14 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 33 % 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 fill in the blank $fill in the blank fill in the blank fill in the blank $fill in the blank fill in the blank $fill in the blank
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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 | $14 |
| Variable selling and administrative expenses per unit | $1.10 |
| Fixed selling and administrative expenses | $423,000 |
| Tax rate | 33 % |
Required:
Prepare a
| Oliver Company | |
| Budgeted Income Statement | |
| For the Coming Year | |
| $fill in the blank | |
| fill in the blank | |
| $fill in the blank | |
| fill in the blank | |
| fill in the blank | |
| $fill in the blank | |
| fill in the blank | |
| $fill in the blank |
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