Alloy Wheel Manufacturing has accumulated the following budget data for year 2020:1. Sales: 42,000 units, unit selling price $60.2. Cost of one unit of finished goods: Direct materials 2 pounds at $5.25 per pound, direct labor 1.5 hours at $11.50 per hour, and manufacturing overhead $5.75 per direct labor hour.3. Inventories (raw materials only): Beginning, 11,000 pounds; ending, 13,500 pounds.4. Raw materials cost: $5.25 per pound.5. Selling and administrative expenses: $185,000.6. Income taxes: 40% of income before income taxes.Required:(a) Prepare a schedule showing the computation of cost of goods sold for 2020.(b) Prepare a budgeted income statement for 2020.