Kalven Company has budgeted the following for the year 202O: 1. Sales: 52,600 units; unit selling price $73. Cost of one unit of finished goods: direct materials, 2 kg at $4 per kilogram; direct...

Prepare a budgeted income Statement for the year 2020

Extracted text: Kalven Company has budgeted the following for the year 202O: 1. Sales: 52,600 units; unit selling price $73. Cost of one unit of finished goods: direct materials, 2 kg at $4 per kilogram; direct labour, 4 hours at $11 per hour; and manufacturing overhead, $2 per direct labour hour. 2. 3. Selling and administrative expenses: $159,000. 4. Income taxes: 25% of income before income taxes. Prepare a budgeted income statement for 2020.