Preparing a budgeted income statement oliver company provided the following information for the coming year: units produced and sold 160,000 cost of goods sold per unit $6.30 selling price $11 variable selling and administrative expenses per unit $1.10 fixed selling and administrative expenses $423,000 tax rate 18 % required: prepare a budgeted income statement for oliver company for the coming year. round all income statement amounts to the nearest dollar. oliver company budgeted income statement for the coming year sales $
cost of goods sold
gross margin $
less: variable selling and administrative expenses
less: fixed selling and administrative expenses
operating income $
less: income taxes
net income $

Instructions are listed below.

Explanation:

Giving the following information:

Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $11

Variable selling and administrative expenses per unit $1.10

Fixed selling and administrative expenses $423,000

Tax rate 18 %

Income Statement:

Sales= 160,000¨11= 1,760,000

COGS= 6.30*160,000= (1,008,000)

Gross profit= 752,000

Selling and administrative expense= (160,000*1.10) + 423,000= (599,000)

Earning before taxes= 153,000

Tax= 153,000*0.18= (27,540)

Net operating profit= 125,460

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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