Stan Company has accumulated the following budget data for the year 2012.
- Sales: 31,500 units, unit selling price $81.
- Cost of one unit of finished goods: Direct materials 1 pounds at $5 per pound, direct labor 3 hours at $10 per hour, and manufacturing overhead $5 per direct labor hour.
- Inventories (raw materials only): Beginning, 10,420 pounds; ending, 16,000 pounds.
- Raw materials cost: $5 per pound.
- Selling and administrative expenses: $199,470.
- Income taxes: 30% of income before income taxes.
Compute the cost of goods sold for 2012.
Complete the budgeted income statement for 2012.
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