PREPARING A BUDGETED INCOME STATEMENT Lester Company provided the following information for the coming year:

Units produced and sold 60,000 Cost of goods sold per unit $18 Selling price $27 Variable selling and administrative expense per unit $2.70 Fixed selling and administrative expense $243,000 Tax rate 35%

Required:

Prepare a budgeted income statement for Lester Company for the coming year. (Round all income statement amounts to the nearest dollar.)

Cornerstone Exercise