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Lily Inc. is preparing its annual budgets for the year ending December 31, 2027. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost Product JB 50 440,000 $30 33,000 27,500 2 33,000 $3 2 33,000 44,000 $3 0.4 44,000 16,500 $12 Product JB 60 $13 220,000 $35 16,500 11,000 3 11,000 $4 3 11,000 16,500 $4 0.6 $12 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $616,000 for product JB 50 and $396,000 for product JB 60, and administrative expenses of $594,000 for product JB 50 and $374,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%

Lily Inc. is preparing its annual budgets for the year ending December 31, 2027. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost Product JB 50 440,000 $30 33,000 27,500 2 33,000 $3 2 33,000 44,000 $3 0.4 44,000 16,500 $12 Product JB 60 $13 220,000 $35 16,500 11,000 3 11,000 $4 3 11,000 16,500 $4 0.6 $12 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $616,000 for product JB 50 and $396,000 for product JB 60, and administrative expenses of $594,000 for product JB 50 and $374,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 3PA: Budgeted income statement and supporting budgets The budget director of Birding Homes Feeders Inc.,...
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Lily Inc. is preparing its annual budgets for the year ending December 31, 2027. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost Product JB 50 440,000 $30 33,000 27,500 2 33,000 44,000 $3 2 33,000 44,000 $3 0.4 $12 $13 Product JB 60 220,000 $35 16,500 11.000 3 11,000 16,500 $4 3 11,000 16,500 $4 0.6 $12 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $616,000 for product JB 50 and $396,000 for product JB 60, and administrative expenses of $594,000 for product JB 50 and $374,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%
Transcribed Image Text:Lily Inc. is preparing its annual budgets for the year ending December 31, 2027. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost Product JB 50 440,000 $30 33,000 27,500 2 33,000 44,000 $3 2 33,000 44,000 $3 0.4 $12 $13 Product JB 60 220,000 $35 16,500 11.000 3 11,000 16,500 $4 3 11,000 16,500 $4 0.6 $12 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $616,000 for product JB 50 and $396,000 for product JB 60, and administrative expenses of $594,000 for product JB 50 and $374,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%
Prepare the sales budget for the year. Direct Labor Direct Materials Expected Unit Sales Production Units Total Sales Unit Selling Price a $ JB 50 LILY INC. Sales Budget $ $ JB 60 $ Total
Transcribed Image Text:Prepare the sales budget for the year. Direct Labor Direct Materials Expected Unit Sales Production Units Total Sales Unit Selling Price a $ JB 50 LILY INC. Sales Budget $ $ JB 60 $ Total
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