Compile the budgeted income statement using only the attached "Financial Fact Sheet" for your company.

Revenue from sales = (Desired Units to be Sold) * (Average Product Sale per item) Cost of goods sold = (Total units to be produced) * (Direct materials cost including labor) Gross profit = (Revenue from sales) - (Cost of goods sold) 4 From Walmart Financial Fact Sheet 5 Income from operations = (Gross profit) - (Total cost for all overhead) - (Total cost for all selling & administrativ * Income before income tax = (Income from opertaions) + (Other revenue & expense) 7 Income tax = (Income before income taxes) * (Tax rate) * Net income = (Income before income taxes) - (Income tax)