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KATRIN_1 [288]
3 years ago
12

North Company has completed all of its operating budgets.The sales budget for the year shows 50,600 units and total sales of $2,

317,800.The total unit cost of making one unit of sales is $22.Selling and administrative expenses are expected to be $304,000.Income taxes are estimated to be $270,180.Required:Prepare a budgeted income statement for the year ending December 31, 2014.
Business
1 answer:
atroni [7]3 years ago
5 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

The sales budget for the year shows 50,600 units and total sales of $2,317,800.

The total unit cost of making one unit of sales is $22.

Selling and administrative expenses are expected to be $304,000.

Income taxes are estimated to be $270,180.

Income statement:

Sales= 2,317,800

COGS= (22*50,600)= (1,113,200)

Gross profit= 1,204,600

Selling and administrative= (304,000)

Tax= (270,180)

Net operating profit= $630,420

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Caste system

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Explanation:

DATA

The current price of the market basket of goods = $850

Current year GDP deflator                                      = 170

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