Deleon Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: 400,000 200,000 $20 $25 30,000 Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) 15,000 25,000 10,000 2 3 7:25F 30,000 10,000 40,000 15,000 $3 $4 Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 0.4 0.6 $12 $12 $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $560,000 for product JB 50 and $360,000 for product JB 60, and administrative expenses of $540,000 for product JB 50 and $340,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20% Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). DELEON INC. Budgeted Income Statement For the Year Ending December 31, 2022 JB 50 JB 60 Total Sales $ $ Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses 7:26 PM Selling Expenses Administrative Expenses Total Operating Expenses Income before Income Taxes $ $ Interest Expense Income before Income Taxes Income Tax Expense Net Income /(Loss)