1. Fultz Company has accumulated the following budget data for the year 2020. Sales: 31,490 units, unit selling price $87. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $8 per direct labor hour. Inventories (raw materials only): beginning, 10,480 pounds; ending, 15,420 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes. 2. 3. 4. Part 1 Your answer has been saved. See score details after the due date. 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 $ 5 39 24 Total $ 68 Cost of Goods Sold $ 2,141,320 Part 2 Prepare a budgeted multiple-step income statement for 2020. FULTZ COMPANY Budgeted Income Statement For the Year Ending December 31, 2020 Sales Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income from Operations Interest Expense Income before Income Taxes Income Tax Expense Net Income /(Loss) $