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Larussa Inc. is preparing its annual budgets for the year ending December 31, 2011. Accounting assistants furnish the data shown below.
ProductJB 50
ProductJB 60
Sales budget:
Anticipated volume in units
400,000
200,000
Unit selling price
$20
$25
Production budget:
Desired ending finished goods units
25,000
15,000
Beginning finished goods units
30,000
10,000
Direct materials budget:
Direct materials per unit (pounds)
2
3
Desired ending direct materials pounds
Beginning direct materials pounds
40,000
Cost per pound
$3
$4
Direct labor budget:
Direct labor time per unit
0.4
0.6
Direct labor rate per hour
$12
Budgeted income statement:
Total unit cost
$21
An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $660,000 for product JB 50 and $360,000 for product JB 60, and administrative expenses of $540,000 for product JB 50 and $340,000 for product JB 60. Income taxes are expected to be 30%.
Instructions
Prepare the following budgets for the year. Show data for each product. You do not need to prepare quarterly budgets.
(a) Sales
(b) Production
(c) Direct materials
(d) Direct labor
(e) Income statement (Note: Income taxes are not allocated to the products.)
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