Ceder Company has compiled the following data for the upcoming year: Sales are expected to be 16,500 units at $50.00 each. Each unit requires 4 pounds of direct materials at $3.00 per pound. Each unit requires 1.8 hours of direct labor at $13.00 per hour. Manufacturing overhead is $4.00 per unit. Beginning direct materials inventory is $4,500.00. Ending direct materials inventory is $5,600.00. Selling and administrative costs totaled $137,370. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement.

Circuittown commenced a gift card program in january 2018 and sold $12,150 of gift cards in january, $19,150 in february, and $18,100 in march of 2018 before discontinuing further gift card sales. during 2018, gift card redemptions were $7,850 for the january gift cards sold, $4,350 for the february cards, and $4,250 for the march cards. circuittown considers gift cards to be “broken” (not redeemable) 10 months after sale. required: 1. how much revenue will circuittown recognize with respect to january gift card sales during 2018? 2. prepare journal entries to record the sale of january gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. how much revenue will circuittown recognize with respect to march gift card sales during 2018? 4. what liability for deferred revenue associated with gift card sales would circuittown show as of december 31, 2018?