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Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2019, the following tentative trial balance as of December 31, 2018, is prepared by the Accounting Department of Regina Soap Co.: Cash $104,800 Accounts Receivable 208,600 Finished Goods 43,800 Work In Process 29,200 Materials 48,000 Prepaid Expenses 3,500 Plant and Equipment 543,900 Accumulated Depreciation--Plant and Equipment $233,900 Accounts Payable 174,700 Common Stock, $10 par 300,000 Retained Earnings 273,200 $981,800 $981,800 Factory output and sales for 2049 are expected to total 27,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31, 2019, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Check My Work Previous Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor 8 Factory overhead: Depreciation of plant and equipment $27,000 Other factory overhead 8,400 4.5 Selling expenses: Sales salaries and commissions 96,900 12.5 Advertising 81,000 Miscellaneous selling expense 7,000 Administrative expenses: Office and officers salaries 63,700 6.5 Supplies 3,200 Miscellaneous administrative expense 1,700 1.5 Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $229,200 on 2049 taxable income will be paid during 2049 Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 30,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $147.000 cash Check My Work