An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $ 716,800 for product JB 50 and $ 460,800 for product JB 60, and administrative expenses of $ 691,200 for product JB 50 and $ 435,200 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%.

Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). CULLUMBER INC. Budgeted Income Statement V For the Year Ending December 31, 2022 JB 50 JB 60 Total Sales 10240000 $ 6400000 $ 16640000 Cost of Goods Sold 665600 5120000 5785600 Gross Profit 9574400 1280000 10,854,400 Operating Expenses Selling Expenses 512000 256,000 768000 Administrative Expenses AINE ROM Total Operating Expenses 1 Income from Operations $ $ Gross Profit 9574400 1280000 10,854,400 Operating Expenses Selling Expenses 512000 256,000 768000 IC Administrative Expenses 1 Total Operating Expenses Income from Operations $ Interest Expense Income before Income Taxes LUME Income Tax Expense Net Income /(Loss) e Textbook and Media Cullumber Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 512,000 256,000 Unit selling price $ 20 $ 25 Production budget: Desired ending finished goods units 38,400 19,200 Beginning finished goods units 32,000 12,800 Direct materials budget