For January 2005, Edwardo Manufacturing has budgeted sales of ($1,200,000) and budgeted cost of goods sold of

Question:

For January 2005, Edwardo Manufacturing has budgeted sales of $$1,200,000$ and budgeted cost of goods sold of $$980,000$. In addition, the budget for January 2005 includes sales salaries of $$98,000$, administrative salaries of $$54,000$, rent of $$24,000$, utilities of $$8,000$, and other expenses of $9,000.

Required: Prepare a budgeted income statement for January 2005 for Edwardo Manufacturing.

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