Grandma's Touch Specialty Foods produces a specialty flavoured coffee that is sold to hotel chains by the case for $75 per case.For the upcoming quarter,Fairly Good Foods is projecting the following sales:

The budgeted cost of manufacturing each case is $50.Operating expenses are projected to be $120,000 in January,$125,000 in February,and $145,000 in March.Fairly Good Foods is subject to a corporate tax rate of 30%.
Required:
Prepare a budgeted income statement for the first quarter,with a column for each month
and for the quarter.

Question

Grandma's Touch Specialty Foods produces a specialty flavoured coffee that is sold to hotel chains by the case for $75 per case.For the upcoming quarter,Fairly Good Foods is projecting the following sales:
  
The budgeted cost of manufacturing each case is $50.Operating expenses are projected to be $120,000 in January,$125,000 in February,and $145,000 in March.Fairly Good Foods is subject to a corporate tax rate of 30%.
Required:
Prepare a budgeted income statement for the first quarter,with a column for each month
and for the quarter.

Quizplus · Accepted Answer

The Answer of Grandma's Touch Specialty Foods produces a specialty flavoured coffee that is sold to hotel chains by the case for $75 per case.For the upcoming quarter,Fairly Good Foods is projecting the following sales:
  
The budgeted cost of manufacturing each case is $50.Operating expenses are projected to be $120,000 in January,$125,000 in February,and $145,000 in March.Fairly Good Foods is subject to a corporate tax rate of 30%.
Required:
Prepare a budgeted income statement for the first quarter,with a column for each month
and for the quarter.

Grandma's Touch Specialty Foods Produces a Specialty Flavoured Coffee That