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E8-15 Preparing Budgeted Income Statement [LO 8-3h] Ceder Company has compiled the following data for...

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Accounting

E8-15 Preparing Budgeted Income Statement [LO 8-3h]

Ceder Company has compiled the following data for the upcoming year:

  • Sales are expected to be 12,000 units at $51.00 each.
  • Each unit requires 2 pounds of direct materials at $3.10 per pound.
  • Each unit requires 1.9 hours of direct labor at $14.00 per hour.
  • Manufacturing overhead is $4.10 per unit.
  • Beginning raw materials inventory is $4,600.00.
  • Ending raw materials inventory is $5,750.00.
  • Selling and administrative costs totaled $137,520.

Required: 1. Determine Ceder's budgeted cost of goods sold. (Do not round the intermediate values.) 2. Complete Ceder's budgeted income statement. (Do not round the intermediate values.)

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