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The board of directors of Southwest Manufacturing Company recently approved the company's budget and production plan for its coming fiscal year, 20X7. Budgeted units of production equal budgeted unit sales for the company's single product. Using the information below, included in the budget and production plan:
a. Compute the amount of required sales - number of units and dollars - necessary to achieve the company's budgeted net income for its fiscal year ended (FYE) December 31, 20X7
b. Prepare the company's budgeted income statement for its FYE December 31, 20X7 using the Variable Costing Method (Contribution Margin Format).
Budgeted amounts:
Per unit
Sales units
?
Product selling price (SP)
$280.00
Sales dollars
Variable manufacturing costs:
Fixed costs:
Direct materials (DM)
$62.50
Manufacturing overhead (MOH) costs
$3,150,000
Direct labor (DL)
$52.00
Selling and administrative (S&A) costs
$3,375,000
$75.50
Research and development (R&D) costs
$2,250,000
Variable selling and admin. (S&A) costs
$50.00
Net income
$2,835,000
Estimated combined effective tax rate
40.0% (i.e., 0.40)
a. Amount of required sales - number of units and dollars - necessary to achieve the company's budgeted net income for its fiscal year ended (FYE) December 31, 20X7:
b. Prepare the company's budgeted income statement for its FYE December 31, 20X7 using the Variable Costing Method (Contribution Margin Format)
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