3 Pressures On, Ltd. is preparing their budgeted balance sheet as of December 31, 2020. The balance of retained earnings as of December 31, 2019 was $205,450. The budgeted income statement shows budgeted net income of $29,450 for the year ended December 31, 2020. The company also expects to declare and pay dividends during 2020 amounting to $3,800. According to the budgeted balance sheet, what should the budgeted balance of retained earnings be as of December 31, 2020? $234,900 a. b. $25,650 O c. $227,300 O d. $205,450 e. $231,100 QUESTION 4 January is the first month of operations for Hymn From A Village, Co., which manufactures bicycles. During the month, the firm incurred the following manufacturing costs: Direct materials: $101 per unit Direct labor, $49 per unit Variable overhead, $20 per unit Fixed overhead, $90,000 in total In January, the firm produced 5,000 bicycles, and sold 4,500 bicycles, leaving 500 bicycles in inventory at the end of the month. Income calculated using variable costing is determined to be $38,000 for January. How much income would be reported for January using absorption costing? a. $29,000 b. $48,000 C. $47,000 d. $28,000 e. $38,000