A B C D E F G H Betty's Design Projected Income Statement As of December 31, 2022 Sales Cost of Goods Sold Gross Profit Selling Expenses: Fixed Variable Administrative Expenses: Fixed Variable Total Selling and Administrative Expenses Net Profit 25,000 Lamps @ $45.00 @ $28.93 \begin{tabular}{|c|c|c|c|} \hline \multirow{4}{*}{ (Commission per unit) } & & 23,000.00 & \\ \hline & @\$3.15 & 78,750.00 & 101,750.00 \\ \hline & & 42,000.00 & \\ \hline & @\$0.06 & 1,500.00 & 43,500.00 \\ \hline \end{tabular} $1,125,000.00 401,750.00723,250.00 \begin{tabular}{r} 145,250.00 \\ \hline 256,500.00 \\ \hline \hline \end{tabular} Betty's Design Projected Balance Sheet As of December 31, 2022 Current Assets Cash Accounts Receivable Inventory Raw Material \begin{tabular}{cc} Figurines & 500@$9.20 \\ Electrical Sets & 500@$1.25 \\ Work in Process & 0 \\ Finished Goods & 3000@$28.93 \end{tabular} Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets Current Labilities Accounts Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $34,710.00 67,500.00 4,600.00 625.00 $207,425.0013,200.00 \begin{tabular}{lr} $ & 54,000.00 \\ $ & 54,000.00 \end{tabular} \begin{tabular}{r} 12,000.00 \\ 141,425.00 \\ \hline \end{tabular} $207,425.00153,425.00 Notes For Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the figurines inventories to 525 pieces and decreasing the finished goods by 20%. Complete the following budgets 1. Production Budget Selling and Administrative Budget Cost of Goods Sold Budoet the number of units to beproduced (Round dollsrs to two places 7. Budgeted Income Statement Sales Cost of Goods Sold Gross Profit $ Selling Expenses and Administrative Expense\$ Net Income