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Question - Bacon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the following data.
Product A
Product B
Sales Budget:
Anticipated volume in units
410 000
250 000
Unit selling price
$25
$35
Production budget:
Desired ending finished goods units
20 000
25 000
Beginning finished goods units
30 000
15 000
Direct material budget:
Direct material per unit (pounds)
2
3
Desired ending direct material pounds
50 000
10 000
Beginning direct materials pounds
40 000
Cost per pound
$2
$3
Direct labor budget:
Direct labor time per unit
0.5
0.75
Direct labor rate per hour
$12
Budgeted income statement:
Total unit cost
$22
An accounting assistant has prepared the detailed manufacturing overhead budget and selling and administrative expense budget. The latter shows selling expenses of $750,000 for Product A and $580,000 for Product B, and administrative expenses of $420,000 for Product A and $380,000 for Product B. Income taxes are expected to be 20%.
Required - Prepare the following budgets for the year. Show data for each product. Quarterly budgets need not be prepared.
a) Sales
b) Production
c) Direct materials
d) Direct labor
e) Income statement
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