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Cost of goods sold as a percentage of sales is expected

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Reference no: EM131755201

Gloria Enterprises reports the year-end information from 2014 as follows.
$250,000150,000100,00060,000
Sales (100,000 units)
Less _____. cost of goods sold
Gross profit
Operating expenses (includes $10,000 of depreciation)
Net income
$ 40,000

Gloria is developing the 2015 budget. In 2015, the company would like to increase selling prices by 30%, and as a result, expects a decrease in sales volume of 15%. Cost of goods sold as a percentage of sales is expected to increase to 60%. Other than depreciation, all operating costs are variable.

Prepare a budgeted income statement for 2015.

Reference no: EM131755201

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