2. (9 points) V Inc. manufactures a product with a selling price of $60 per unit. Direct Materials costs $12 per unit. Direct Labor costs $11 per unit. Variable Manufacturing Overhead costs $6 per unit. Fixed Manufacturing Overhead costs $34,000 per month. Variable Selling and Administrative Costs $5 per unit. Fixed Selling and Administrative costs $17,000.

b) Complete the months Financial Statement Income Statement Budget for V Inc., assuming that they plan to sell 11,000 units of product.

Sales?

COGS?

Gross Margin?

Selling & Administrative Costs?

Operating income?