l See The Light Projected Income Statement For the Period En

l See The Light Projected Income Statement For the Period Ending December 31, 20x1 Sales Cost of Goods Sold Gross Profit Selling Expenses: S 1,125,000.00 750,000.00 $375,000.00 25,000 lamps$45.00 $30.00 $ 23,000.00 Fixed Variable (Commission per unit)$3.00 75,000.00 $ 98,000.00 Administrative Expenses: $ 42,000.00 Fixed Variable 50,000.0092,000.00 Total Selling and Administrative Expenses: Net Profit 190,000.00 185,000.00 1 l See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable Inventory $ 34,710.00 67,500.00 Raw Material 500 $16.00 Lamp Kits Work in Process Finished Goods 8,000.00 3000 $30.00 90,000.00 200,210.00 Total Current Assets Fixed Assets $ 20,000.00 6,800.00 Equipment 13,200.00 $ 213,410.00 Total Fixed Assets Total Assets Current Liabilities $ 54,000.00 54,000.00 Accounts Payable Total Liabilities Stockholder\'s Equity Common Stock Retained Earnings $ 12,000.00 147.410.00 Total Stockholder\'s Equity Total Liabilities and Stockholder\'s Equity 159.410.00 213.410.00

Solution

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. 6. Selling and Admin Budget Fixed Selling 33000 Variable Selling (3*106.5%)*37000 118215 9.04 Fixed Admin 56000 Variable Admin (2*102.5%)*37000 75850 9.05 Total Selling and Admin 283065 9.06 7. Cost of Goods Sold Budget Beginning Inventory, Finished Goods 90000 Add: Production Cost: Materials:     Lamp Kits: Beginning Inventory 8000 Add: Purchases 596496 Available for Use 604496 Less: Ending Inventory 650*16.32 10608 Lamp Kits used in production 593888 Total Material 593888 Labor 75712 Overhead 360348 Cost of Goods Available 1119948 Less: Ending Inventory, Finished Goods (2400*28.5) 68400 Cost of Goods Sold 1051548