Fultz Company has accumulated the following budget data for the year 2020.

1. Sales: 31,270 units, unit selling price $ 88.
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 direct labor hour.
3. Inventories (raw materials only): beginning, 10,110 pounds; ending, 15,430 pounds.
4. Selling and administrative expenses: $ 170,000; interest expense: $ 30,000.
5.
Income taxes: 30% of income before income taxes.

Prepare a budgeted multiple-step income statement for 2020.

FULTZ COMPANY
Budgeted Income Statement
For the Year Ending December 31, 2020

sales

cost of goods sold

gross profit

selling and administrative expenses

income from operations

interest expense

income before income taxes

income tax expense

net income

Island novelties, inc., of palau makes two products—hawaiian fantasy and tahitian joy. each product's selling price, variable expense per unit and annual sales volume are as follows:

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.

Suppose you hold a portfolio consisting of a $10,000 investment in each of 8 different common stocks. the portfolio's beta is 1.25. now suppose you decided to sell one of your stocks that has a beta of 1.00 and to use the proceeds to buy a replacement stock with a beta of 1.55. what would the portfolio's new beta be? do not round your intermediate calculations.