235 8. Budgeted income statement Bathworks Budgeted Income Statement For the Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Cost of goods available for sale Less finished goods inventory, ending Cost of goods sold Gross margin Selling and administrative expenses Income from operations Income taxes expense (30% tax rate) Net income 235 8. Budgeted income statement Bathworks Budgeted Income Statement For the Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Cost of goods available for sale Less finished goods inventory, ending Cost of goods sold Gross margin Selling and administrative expenses Income from operations Income taxes expense (30% tax rate) Net income