Sheridan Company has accumulated the following budget data for the year 2022.Sales: 31,220 units, unit selling price $86.Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $8 per direct labor hour.Inventories (raw materials only): beginning, 10,120 pounds; ending, 15.390 pounds.1.2.3.4.5.Selling and administrative expenses: $170.000; interest expense: $30,000.Income taxes: 20% of income before income taxes. SHERIDAN COMPANYBudgeted Income Statement>>$

The cost of goods sold includes the direct costs incurred and overhead applied costs. The gross…

Sheridan Company has accumulated the following budget data for the year 2022. 1. Sales: 31,220 units, unit selling price $86. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $8 per direct labor houm 3. Inventories (raw materials only): beginning, 10,120 pounds; ending, 15.390 pounds. 2. 4. 5. Selling and administrative expenses: $170.000; interest expense: $30,000. Income taxes: 20% of income before income taxes.

Sheridan Company has accumulated the following budget data for the year 2022. 1. Sales: 31,220 units, unit selling price $86. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $8 per direct labor houm 3. Inventories (raw materials only): beginning, 10,120 pounds; ending, 15.390 pounds. 2. 4. 5. Selling and administrative expenses: $170.000; interest expense: $30,000. Income taxes: 20% of income before 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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QUESTION: FULTZ COMPANY HAS ACCUMULATED THE FOLLOWING BUDGET DATA FOR THE YEAR 2017. 1. SALES: 31,450 UNITS, UNIT SELLING PRICE $85. 2. COST OF ONE UNIT OF FINISHED GOODS: DIRECT MATERIALS 1 POUND AT $5 PER POUND, DIRECT LABOR 3 HOURS AT $13 PER HOUR, AND MANUFACTURING OVERHEAD $6 PER DIRECT LABOR HOUR. 3. INVENTORIES (RAW MATERIALS ONLY): BEGINNING, 10,290 POUNDS; ENDING, 15,250 POUNDS. 4. SELLING AND ADMINISTRATIVE EXPENSES: $170,000; INTEREST EXPENSE: $30,000. 5. INCOME TAXES: 30% OF INCOME BEFORE INCOME TAXES. PREPARE A SCHEDULE SHOWING THE COMPUTATION OF COST OF GOODS SOLD FOR 2017. FULTZ COMPANY COMPUTATION OF COST OF GOODS SOLD 2017 COST OF ONE UNIT OF FINISHED GOODS: DIRECT MATERIALS DIRECT LABOR MANUFACTURING OVERHEAD TOTAL COST OF GOODS SOLD $ ss $ $
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