The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $510,000 Sales 567,933 Purchases 294,820 Ending Inventory* 10% Administrative Salaries 50,360 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,400 Depreciation Expense 1,000 Utilities 2,600 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales $fill in the blank 2 567,933 Cost of Goods Sold Beginning Inventory $fill in the blank 4 0 Purchases fill in the blank 6 294,820 Cost of Goods Available for Sale $fill in the blank 8 294,820 Ending Inventory fill in the blank 10 29,482 Cost of Goods Sold $fill in the blank 12 265,338 Gross Profit fill in the blank 14 302,595 Operating Expenses $fill in the blank 16 fill in the blank 18 fill in the blank 20 fill in the blank 22 fill in the blank 24 fill in the blank 26 Total Operating Expenses $fill in the blank 27 $fill in the blank 29 fill in the blank 31 $fill in the blank 33

Italian Exports, Inc.

Italian Exports, Inc.

Budgeted Income Statement

For the Month Ending Mar. 31, 2020

Sales                                              $ 567,933

Cost of Goods Sold

Beginning Inventory                      $0

Purchases                                        294,820

Cost of Goods Available for Sale $294,820

Ending Inventory (10%)                      29,482

Cost of Goods Sold                      $265,338

Gross Profit                                     302,595

Operating Expenses:

Marketing Expense (5%) 25,500

Sales Commissions (2%)  11,359

Rent Expense                    7,400

Depreciation Expense       1,000

Utilities                              2,600

Total Operating Expenses            $47,859

Operating income                       $254,736

Taxes (15% of next month sales)     84,150

Net Income                                   $170,586

Explanation:

a) Data and Calculations:

Estimated Sales $510,000

Sales 567,933

Purchases 294,820

Ending Inventory* 10%

Administrative Salaries 50,360

Marketing Expense** 5% of $510,000 = $25,500

Sales Commissions 2% of $567,933 = $11,359

Rent Expense 7,400

Depreciation Expense 1,000

Utilities 2,600

Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes

Estimated sales next month = $561,000 (1.1 * $510,000)

Taxes = $84,150 (15% of $561,000)

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