Prepare a flexible budgeted income statement for 47,000 units using the following information from a static budget for 45,000 units: \begin{tabular}{|l|l|l|} \hline Direct material & $12 & \\ \hline \multicolumn{1}{|c|}{ Direct labor } & $5 & \\ \hline Variable manufacturing overhead & $3 & \\ \hline Fixed manufacturing overhead & 25,000 \\ \hline Cost of goods sold & & 965,000 \\ \hline Gross Profit & 1,385,000 \\ \hline Variable sales and admin expenses & $3 & \\ \hline Fixed sales and admin expenses & 9,000 \\ \hline Income before taxes & 1,235,000 \\ \hline \begin{tabular}{l} Taxes \\ \hline Net Income \end{tabular} & $1,049750 \\ \hline \end{tabular}