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    Oct 5, 2011, 09:03 AM
    Budgeted income statement
    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

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