Prepare a budgeted income statement for the year. E10.26 (LO 3) Haven Company has accumulated the following budget data for the year 2022: 1. Sales: 30,000 units; unit selling price $80 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, three hours at $12 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,000 kg; ending, 15,000 kg 4. Raw materials cost: $5 per kilogram 5. Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes Instructions a. Prepare a schedule showing the calculation of the cost of goods sold for 2022. b. Prepare a budgeted income statement for 2022.

Prepare a budgeted income statement for the year. E10.26 (LO 3) Haven Company has accumulated the following budget data for the year 2022: 1. Sales: 30,000 units; unit selling price $80 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, three hours at $12 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,000 kg; ending, 15,000 kg 4. Raw materials cost: $5 per kilogram 5. Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes Instructions a. Prepare a schedule showing the calculation of the cost of goods sold for 2022. b. Prepare a budgeted income statement for 2022.

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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