Budgeted income statement Below is the income statement of Fradle Company: FRADLE COMPANY Income Statement For the

Budgeted income statement Below is the income statement of Fradle Company:

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FRADLE COMPANY Income Statement For the Year Ended December 31, 1992 Sales..... Less cost of goods sold: Direct materials Direct labor.... Manufacturing overhead Variable .... Fixed... Gross margin.... Selling expenses: Variable.... Fixed ... Variable .... Fixed.... Income before tax Income tax expense Net income $500,000 $120,000 150,000 36,000 64,000 370,000 130,000 $ 30,000 23,000 53,000 Administrative expenses: 25,000 15,000 40,000 93,000 37,000 11,100 $ 25,900