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(Solved) Part a: The marketing department of Metro Manufacturing estimates that its sales in 2017 will be $1.5 million. Interest expense is expected to remain...


Part a: The marketing department of Metro Manufacturing estimates that its sales in 2017 will be $1.5 million. Interest expense is expected to remain unchanged at $35 000, and the firm plans to pay $70 000 in cash dividends during 2018. Metro Manufacturing's income statement for the year ended 31 December 2017 is given below, followed by a breakdown of the firm's cost of goods sold and operating expenses into its fixed— and variable—cost components. a) Use the per—cent—of—sales method to prepare a pro forma income statement for the year ended 31 December 2018. b) Use the fixed— and variable—cost data to develop a pro forma income statement for the year ended 31 December 2018. c) Compare and contrast the statements developed in parts a and b. Which statement is likely to provide the better estimates of 2018 income? Why?
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