148 149 146 BUDGETED INCOME STATEMENT 147 Budgeted Income Statement 150 151 152 Net sales 15:3 Cost of goods sold 154 Gross margin 155 Selling & administrative expenses 156 Net operating income 157 158 Interest expense Net income 159 160 161 162 63 Computation of net sales Sales Less uncollectible amounts Net sales Computation of cost of goods sold Budgeted sales (units) Unit product cost Cost of goods sold