Longhead Company has accumulated the following budget data for the year 2002.

1. Sales: 30,000 units, unit selling price $80.

2. Cost of one unit of finished goods: Direct materials 3 pounds at \($5\) per pound, direct labor 3 hours at \($12\) per hour, and manufacturing overhead \($6\) per direct labor hour.

3. Inventories (raw materials only): Beginning, 10,000 pounds; ending, 15,000 pounds.

4. Raw materials cost: \($5\) per pound.

5. Selling and administrative expenses: \($150,000\) 

6. Income taxes: 30% of income before income taxes.

Instructions 

Prepare a budgeted income statement for 2002. Show the computation of cost of goods sold.