Problem
Fultz Company has accumulated the following budget data for the year 2017.
1. Sales: 31,450 units, unit selling price $85.
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 dire, labor hour.
3. Inventories (raw materials only) beginning 10,290 pounds; ending, 15,250 pounds.
4 Selling and administrative expenses: $170,000, interest expense: $30,000.
5. Income taxes: 3096 of income before income taxes.
Required
Prepare a schedule showing the computation of cost of goods sold for 2017.