Question #1 Alloy Wheel Manufacturing has accumulated the following budget data for year 2020: 1. Sales: 42,000 units, unit selling price $60. 2. Cost of one unit of finished goods: Direct materials 2 pounds at $5.75 per pound, direct labor 1.5 hours at $15.50 per hour, and manufacturing overhead $5.00 per direct labor hour. 3. Inventories (raw materials only): Beginning, 11,000 pounds; ending, 13,500 pounds. 4. Raw materials cost: $5.75 per pound. 5. Selling and administrative expenses: $115,000. 6. Income taxes: 25% of income before income taxes. Required: (a) Prepare a schedule showing the computation of cost of goods sold for 2020. (b) Prepare a budgeted income statement for 2020