Oriole Company is preparing its budgeted income statement for 2022. Relevant data pertaining to its sales, production, and directmaterials budgets are as follows.Sales. Sales for the year are expected to total 1,040,000 units. Quarterly sales are 19%, 26%, 27%, and 28%, respectively. The unitselling price is expected to be $41 for the first three quarters and $46 beginning in the fourth quarter. Sales in the first quarter of 2023are expected to be 10% higher than the budgeted sales for the first quarter of 2022.Production Management desires to maintain the ending finished goods inventories at 20% of the next quarter's budgeted salesvolume.Direct materials. Each unit requires 2 pounds of raw materials at a cost of $11 per pound. Management desires to maintain rawmaterials inventories at 10% of the next quarter's production requirements. Assume the production requirements for first quarter of2023 are 468,000 pounds.Oriole budgets 0.4 hours of direct labor per unit, labor costs at $11 per hour, and manufacturing overhead at $17 per direct labor hour.Its budgeted selling and administrative expenses for 2022 are $6,240,000.(a)Calculate the budgeted total unit cost. (Round answer to 2 decimal places, eg. 12.25.)Total unit cost $ Oriole Company is preparing its budgeted income statement for 2022. Relevant data pertaining to its sales, production, and directmaterials budgets are as follows.Sales. Sales for the year are expected to total 1,040,000 units. Quarterly sales are 19%, 26%, 27%, and 28%, respectively. The unitselling price is expected to be $41 for the first three quarters and $46 beginning in the fourth quarter. Sales in the first quarter of 2023are expected to be 10% higher than the budgeted sales for the first quarter of 2022.Production Management desires to maintain the ending finished goods inventories at 20% of the next quarter's budgeted salesvolume.Direct materials. Each unit requires 2 pounds of raw materials at a cost of $11 per pound. Management desires to maintain rawmaterials inventories at 10% of the next quarter's production requirements. Assume the production requirements for first quarter of2023 are 468,000 pounds.Oriole budgets 0.4 hours of direct labor per unit, labor costs at $11 per hour, and manufacturing overhead at $17 per direct labor hour.Its budgeted selling and administrative expenses for 2022 are $6,240,000.(a)Calculate the budgeted total unit cost. (Round answer to 2 decimal places, eg. 12.25.)Total unit cost $

The income statement is the statement that depicts the financial performance of the entity. It is…

Answered: Prepare the budgeted multiple-step…

Business

Accounting

Prepare the budgeted multiple-step income statement for 2022. (Ignore income taxes.)

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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