***Please note there was no selling price information given by the professor

Step 7: Budgeted Income Statement [Points possible: 2) Complete the following schedule to determine the cost of goods sold: Lre e Ouantitu 2.50 1.50 1.50 Total Direct materials Direct labor Manufacturing overhead DM budget DL budget OH budget $3.00 $11.40 $12.50 $7.50 $17.10 $18.75 $43.35 Total unit cost Lvd Total unit cost x Number of units budgeted to be sold during 2017 -Budgeted Cost of Goods Sold $43.35 9.500 $411825 Interest expense for 2017 Income tax expense for 2017 $1,300 $18,000 Use the information above as well as data from the other operating budgets to complete the Budgeted Income Statement. Buff Company Budgeted Income Statement For the Year Ending December 31, 2017 Sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $411,825 $1.300 $18.000