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E9-11 Fuqua Company has accumulated the following budget data for the year 2008.
1. Issued 20000 shares of $10 par common stock at par. 2. Issued 2000 shares of
September 15, 20201. Received 40000 cash from the issue of a short term note with a five percent i
September 15, 2020E9-11 Fuqua Company has accumulated the following budget data for the year 2008.1. Sales: 30000 units unit selling price $80.2.
Cost of one unit of finished goods: Direct materials 2 pounds 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 10000 pounds; ending 15000 pounds.4. Raw materials cost: $5 per pound.5. Selling and administrative expenses: $200000.6. Income taxes: 30% of income before income taxes.Instructionsa) Prepare a schedule showing the computation of cost of goods sold for 2008.b) Prepare a budgeted income statement for 2008.
