Fuqua company has accumulated the following budget data for the year 2008.

A. Sales 30,000 units, unit selling price $80
B. Cost of one unit of finished goods : direct materials 2 pounds at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour
C. Inventories raw materials : beginning 10000 pounds, ending 15000 pounds
D. Raw materials cost $5 per pound
E. Selling and administrative expenses $200000
F. Income taxes 30% of income before income taxes

Instructions

A. Prepare a schedule showing the computation of cost of goods sold for 2008
B. Prepare a budgeted income statement for 2008