Problem 21-2A (Part Level Submission) Deleon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below Product Product JB 50 Sales budget Anticipated volume in units Unit selling price 402,300 201,600 $28 $23 Production budget: Desired ending finished goods units Beginning finished goods units 27,300 31,300 19,500 11,800 Direct materials budget Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound 32,70019,500 12,400 $3 41,500 $3 Direct labor budget Direct labor time per unit Direct labor rate per hour 0.6 Budgeted income statement: Total unit cost $14 $21 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $662,000 for product JB 50 and $364,000 for product JB 60, and administrative expenses of $544,000 for product JB 50 and $342,000 for product JB 60. Interest expense is $150,000 (not allocated to products) Income taxes are expected to be 30% 7(e Prepare the budgeted 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, 2017 JB 50 JB 60 Total Click if you would like to Show Work for this question: Open Show Work Prepare the budgeted 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, 2017 JB 50 JB 60 Total Interest Expense Beginning Inventory Selling Expenses Income from Operations Net Income (Loss) Purchases Income Tax Expense Total Operating Expenses Sales Operating Expenses Cost of Goods Sold Ending Inventory Gross Profit Income before Income Tax Administrative Expenses es