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Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process:
 
Budgeted unit sales                                                                 840
Selling price per unit                                                           52,140
Cost per unit                                                                     $ 1,760
Variable selling and administrative expense (per unit)                $ 85
Fixed selling and administrative expense (per year)          $ 225,000
Interest expense for the year                                           $ 30,000
 
Required:
Prepare the company's budgeted income statement for the year
 
Gig Harbor Boating
 Budgeted Income Statement
   
   
   
   
   
   
   

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Related questions

Primare Corporation has provided the following data concerning last month's manufacturing operations.
      Purchases of raw materials                                                   $ 30,000
      Indirect materials used in production                                     $ 4,790 
      Direct labor                                                                         $ 60,000 
      Manufacturing overhead applied to work in process                 $ 88,000
      Underapplied overhead                                                         $ 4,090
 
Inventories                     Beginning           Ending 
Raw materials                $ 10,300$         $ 18,900
Work in process              $ 55,500$        $ 70,000
Finished goods               $ 34,300$         $ 43,800
 
Required:
1. Prepare a schedule of çost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
 
Complete this question by entering your answers in the tabs below.
 
Required 1
Prepare a schedule of cost of goods manufactured for the month.
 
Primare Corporation
Schedule of Cost of Goods Manufactured
 
Primare Corporation
 Schedule of Cost of Goods Manufactured
Direct materials:      
    Beginning raw materials inventory $      10,300    
    Add: Purchases of raw materials 30,000    
    Total raw materials available  40,300    
    Less: Ending raw materials inventory 18,900    
    Raw materials used in production 21,400    
    Less: Indirect materials used in production 4,790    
Direct materials used in production   $     16,610  
Direct labor   60,000  
Manufacturing overhead    88,000  
Manufacturing overhead   164,610  
Total manufacturing costs added to production     329,220
 
Primare Corporation has provided the following data concerning last month's manufacturing operations.
      Purchases of raw materials                                                   $ 30,000
      Indirect materials used in production                                     $ 4,790 
      Direct labor                                                                         $ 60,000 
      Manufacturing overhead applied to work in process                 $ 88,000
      Underapplied overhead                                                         $ 4,090
 
Inventories                     Beginning           Ending 
Raw materials                $ 10,300$         $ 18,900
Work in process              $ 55,500$        $ 70,000
Finished goods               $ 34,300$         $ 43,800
 
Required:
1. Prepare a schedule of çost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
 
Complete this question by entering your answers in the tabs below.
 
Required 2
Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of
Goods Sold.
 
Primare Corporation 
Schedule of Cost of Goods Sold
Beginning finished goods inventory $         34,300
Add: Cost of goods manufactured 94,610
Cost of goods available for sale 128,910
Less: Ending finished goods inventory  43,800
Unadjusted cost of goods sold 85,110
Add: Underapplied overhead 4,090
 Adjusted cost of goods sold $        89,200
 
 
 
 

Write about a business management theory that you identify with, incorporating real life examples in your answer.

please someone help its urgent.

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