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 $10.80
Variable selling and administrative expenses per unit $1.10
Fixed selling and administrative expenses $423,000
Tax rate 35%
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 $

Match the terms with the appropriate definition. 1. work done for pay job 2. series of related jobs based on knowledge, training, tasks performed, interests, and experience career 3. buying or selling products and services using the internet mediation 4. wage amount after deductions are withheld net wage 5. a way a person chooses to live his or her life e-commerce 6. the people who are both able and willing to work technology 7. unequal treatment of others based on a bias concerning a person’s characteristics such as race, religion, gender, or age discrimination 8. the act of sharing information lifestyle 9. the use of a third party to make suggestions workforce 10. knowledge and tools used to perform tasks communication