Production Budget		Units Basic	Units Deluxe
Expected units to be sold (from Sales Budget)		36,000	36,000
Desired ending inventory, December 31, 20Y2		1,000	3,000
Total units available		37,000	39,000
Estimated beginning inventory, January 1, 20Y2		-1,050	-2,100
Total units to be produced		35,950	36,900
Direct Material Budget:		Wood Pieces	Beads	Total
Basic abacus	1 and 2 per unit	35,950	71,900
Deluxe abacus	2 and 3 per unit	73,800	110,700
Desired inventory, December 31, 20Y2		2,200	5,000
Total packages available		111,950	187,600
Estimated inventory, January 1, 20Y2		-3,500	-4,500
Total packages to be purchased		108,450	183,100	291,550
Unit price (per package)		$ 0.30	$ 0.30	$ 0.30
Total direct materials to be purchased		$ 32,535	$ 54,930	$ 87,465
Direct Labor Budget:		Gluing	Assembly	Total
Basic abacus	0.10 Hour	3,595	3,595
Deluxe abacus	0.10 Hour and 0.2	3,690	7,380
Total		7,285	10,975
Hourly rate		$ 11	$ 17
Total direct labor cost		$ 80,135	$ 186,575	$ 266,710
Indirect factory wages	$ 5,400
Power and light (Plug in)	$ 11,250
Depreciation of plant and equipment	$ 1,450
Total factory overhead cost	$ 18,100
Finished goods inventory, January 1, 20Y2			$ 9,870
Work in process inventory, January 1, 20Y2		$ 2,010
Direct materials inventory, January 1, 20Y2	$ 2,400
Direct materials purchases	$ 87,465
Cost of direct materials available for use	$ 89,865
Direct materials inventory, December 31, 20Y2	$ -2,160
Cost of direct materials placed in production	$ 87,705
Direct labor	$ 266,710
Factory overhead	$ 18,100
Total manufacturing costs		$ 372,515
Total work in process during period		$ 374,525
Work in process inventory, December 31, 20Y2		$ -1,250
Cost of goods manufactured			$ 373,275
Cost of finished goods available for sale			$ 383,145
Finished goods inventory, December 31, 20Y2			$ -1,500
Cost of goods sold			$ 381,645
Sales salaries expense	$ 45,000
Advertising expense	$ 15,000
Travel expense	$ 5,400
Total selling expenses		$ 65,400
Officers' salaries expense	$ 85,000		Product	Volume x Price	Total Sales
Office salaries expense	$ 35,000		Basic Abacus	36,000 x $8	$288,000
Office rent expense	$ 26,000		Deluxe Abacus	36,000 x $12	$432,000
Office supplies expense	$ 6,400		Totals	72,000	$720,000
Miscellaneous administrative expenses	$ 1,600
Total administrative expenses		$ 154,000
Total selling and administrative expenses		$ 219,400

Review the Budgeted Income Statement Data Table, then complete the budgeted income statement that follows the table. Round the computed amount for income tax to the nearest whole dollar. Enter all amounts as positive numbers. Budgeted Income Statement Data: Interest Revenue for the Year: $2,000 - Interest Expense for the Year $1,500 - LearnCo's Income Tax Rate: 40%. LearnCo - Budgeted Income Statement: For the Year Ending December 31, 20Y2: 1. Revenue from Sales: ?? 2. Costs of Goods Sold: ?? 3. Gross Profit: ?? 4. Selling & Administrative Expenses: ?? 5. Selling Expenses: ?? 6.Administrative Expenses: ?? 7. Total Selling & Administrative Expenses: ?? 8. Income from Operations: ?? 9. Other Revenue & Expense: ?? 10. Interest Revenue: ?? 11. Interest Expense: ?? 12. Income before Income Tax: ?? 13. Income Tax: ?? 14. Net Income: ??