Managerial accounting: A.)Direct materials purchases are paid 70% in the quarter

Question

Managerial accounting: A.)Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter B.)direct Labor manufacturing overhead selling and administrative costs and income tax expense are paid in the quarter incurred C.) accounts payable at December 31, 2018 are paid in the first quarter of 2019 4 1 of 1 (0 complete) 1,2018 Data Table Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: S305,000 32,000 12.500 or the firs Variable manufacturing overhesd Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: 2,100 1.300 1,350 72,000 Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and peyment for capital expendtures (odditsional equipment) 7,000 2.000 1,100 550 15,250 203.500 41.000 43.000 PrintDone lip

Explanation / Answer

Solution 1:

Bradley Company Budgeted Income Statement For the quarter ended March 31, 2019 Particulars Amount Sales revenue $305,000.00 Cost of goods sold $72,000.00 Gross Profit $233,000.00 Selling and administrative expenses $25,900.00 Income before income taxes $207,100.00 Income tax expense $41,000.00 Net Income $166,100.00

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