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 Gross margin Less: Variable selling and administrative expenses v Less: Fixed selling and administrative expenses Operating income v Less: Income taxes v Net income

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 Gross margin Less: Variable selling and administrative expenses v Less: Fixed selling and administrative expenses Operating income v Less: Income taxes v Net income

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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Use the information below for Flushing Company to answer the question that follow. Below is budgeted production and sales information for Flushing Company for the month of December. Product XXX Product ZZZ Estimated beginning inventory 30,500 units 20,000 units Desired ending inventory 36,500 units 14,900 units Region I, anticipated sales 329,000 units 265,000 units Region II, anticipated sales 190,000 units 148,000 units The unit selling price for product XXX is $5 and for product ZZZ is $13.Budgeted sales for the month are a.$8,812,000 b.$12,116,000 c.$4,660,000 d.$7,964,000
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please help with this budgeted income statement