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Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 570 sun shades in May and 370 in June. Each shade sells for $151. Shadee's beginning and ending finished goods inventories for May are 65 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 80 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $13 per hour. Additionally, Shadee's fixed manufacturing overhead is $10,000 per month, and variable manufacturing overhead is $13 per unit produced. Additional information: Selling costs are expected to be 9 percent of soles. Fixed administrative expenses per month total $1,500. Required: Prepare Shadee's budgeted income statement for the months of May and June, Note: Do not round your intermediate calculations. Round your answers to 2 decimal places.

Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 570 sun shades in May and 370 in June. Each shade sells for $151. Shadee's beginning and ending finished goods inventories for May are 65 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 80 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $13 per hour. Additionally, Shadee's fixed manufacturing overhead is $10,000 per month, and variable manufacturing overhead is $13 per unit produced. Additional information: Selling costs are expected to be 9 percent of soles. Fixed administrative expenses per month total $1,500. Required: Prepare Shadee's budgeted income statement for the months of May and June, Note: Do not round your intermediate calculations. Round your answers to 2 decimal places.

FINANCIAL ACCOUNTING
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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rixed duministrative expenses per month total $1,500. Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not round your intermediate calculations. Round your answers to 2 decimal places. Budgeted Cost of Goods Sold Budgeted Sales SHADEE CORPORATION Budgeted Income Statement Budgeted Gross Margin Budgeted Selling and Administrative Expenses Budgeted Net Operating Income May June
Transcribed Image Text:rixed duministrative expenses per month total $1,500. Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not round your intermediate calculations. Round your answers to 2 decimal places. Budgeted Cost of Goods Sold Budgeted Sales SHADEE CORPORATION Budgeted Income Statement Budgeted Gross Margin Budgeted Selling and Administrative Expenses Budgeted Net Operating Income May June
Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 570 sun shades in May and 370 in June. Each shade sells for $151. Shadee's beginning and ending finished goods inventories for May are 65 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 80 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $13 per hour. Additionally, Shadee's fixed manufacturing overhead is $10,000 per month, and variable manufacturing overhead is $13 per unit produced. Additional information: Selling costs are expected to be 9 percent of sales. Fixed administrative expenses per month total $1,500 Required: Prepare Shadee's budgeted income statement for the months of May and June Note: Do not round your intermediate calculations. Round your answers to 2 decimal places.
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 570 sun shades in May and 370 in June. Each shade sells for $151. Shadee's beginning and ending finished goods inventories for May are 65 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. Each shade requires a total of $55.00 in direct materials that includes 4 adjustable poles that cost $5.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 80 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $13 per hour. Additionally, Shadee's fixed manufacturing overhead is $10,000 per month, and variable manufacturing overhead is $13 per unit produced. Additional information: Selling costs are expected to be 9 percent of sales. Fixed administrative expenses per month total $1,500 Required: Prepare Shadee's budgeted income statement for the months of May and June Note: Do not round your intermediate calculations. Round your answers to 2 decimal places.
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