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Fultz Company has accumulated the following budget data for the year 2020. ...

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Accounting

Fultz Company has accumulated the following budget data for the year 2020.

1. Sales: 31,100 units, unit selling price $85.
2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour.
3. Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,100 pounds.
4. Selling and administrative expenses: $170,000; interest expense: $30,000.
5.

Income taxes: 30% of income before income taxes.

Prepare a budgeted multiple-step income statement for 2020.

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