5.-25 points Use the following data to prepare a planned operating budget for Kim Company for the year ending December 31, 2020: 65,000 units 93,500 units 22.00 per unit $ Expected production Expected sales Forecasted selling price Manufacturing costs: Variable (per unit): direct materials direct labor manufacturing overhead Fixed manufacturing overhead Selling and administrative expenses: variable (per unit) fixed $ $ $ $ 3.20 2.45 5.80 67,000 $ $ 1.50 50,000 The inventory of January 1st, 2020 consists of 60 000 unites with a cost of $12.80 per unit. Average cost method is used for the inventories, Federal income taxes are budgeted at 40% of income