Jenfries Corporation manufactures robots that sell for $3,800. Each robot contains raw materials costing $1,500, and requires 12 hours of labor to manufacture. Labor is paid $20 per hour. Variable manufacturing overhead is applied to products at a rate of $50 per hour. Fixed manufacturing overhead is estimated at $100,000 next period, and fixed period expenses are estimated at $200,000. In addition, variable selling costs are 10% of revenue. Jenfries manufactures robots as orders come in, using a just-in-time inventory system, so no finished goods or raw materials inventories are kept on hand. Jenfries plans to sell 500 robots next period.
Prepare all budgets necessary to result in a budgeted income statement for next period.
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