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# Smith and Sons is developing the 2011 budget. In 2011 the company would like to increase selling prices by 20%, and as a result expects a decrease in sales volume of 10%. Cost of goods sold as a percentage of sales is expected to increase to 65%. Other than depreciation, all operating costs are variable as a percentage of total sales. Prepare a budgeted income statement for 2011 Additional Requirements Sales (100,000 units) \$400,000/\$100,000 = \$ 4 per unit \$400,000 Less: cost of goods sold (\$250,000/\$400,000= 62.5%) 250,000 Gross profit (150,000/250,000 = .37.5) 150,000 Operating expenses (includes \$10,000 of depreciation) ((110,000 -10,000)/100,000 units = \$1.00 per unit) 110,000 Net income (40,000/400,000 = 10%) \$ 40,000

Smith and Sons is developing the 2011 budget. In 2011 the company would like to increase selling prices by 20%, and as a result expects a decrease in sales volume of 10%. Cost of goods sold as a percentage of sales is expected to increase to 65%. Other than depreciation, all operating costs are variable as a percentage of total sales. Prepare a budgeted income statement for 2011