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

1. Sales: 31,270 units, unit selling price $ 88.
2. Cost of one unit of finished goods: direct materials 1 pound at $ 5 per pound, direct labor 3 hours at $ 13 per hour, and manufacturing overhead $6 per direct labor hour.
3. Inventories (raw materials only): beginning, 10,110 pounds; ending, 15,430 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.

FULTZ COMPANY
Budgeted Income Statement
For the Year Ending December 31, 2020

sales

cost of goods sold

gross profit

selling and administrative expenses

income from operations

interest expense

income before income taxes

income tax expense

net income

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; swot analysis;

answer assertive;