1. Fultz Company has accumulated the following budget data for the year 2020. Sales: 31,230 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. Inventories (raw materials only): beginning, 10,130 pounds; ending, 15,380 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes. 2. 3. (a) Your answer is partially correct. Prepare a schedule showing the computation of cost of goods sold for 2020. FULTZ COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2020 Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead $ Total $ Cost of Goods Sold $ $ Prepare a budgeted multiple-step income statement