Manufacturing Overhead Budget and Income Statement
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1) For Savage Inc. variable manufacturing overhead costs are expected to be $20,000 in the first quarter of 2005 with $2,000 increments in each of the remaining three quarters. Fixed overhead costs are estimated to be $35,000 in each quarter. Prepare the manufacturing overhead budget by quarters and in total for the year.
2) Stoker Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of $2,000,000. The total unit cost of making one unit of sales is $24. Selling and administrative expenses are expected to be $300,000. Income taxes are estimated to be $150,000. Prepare a budgeted income statement for the year ending December 31, 2005.
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Answer attached in Excel where the workings are viewable by highlighting cells.
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