Assume that Nord's budgeted Sales for 20Y6 are $2,582,600; budgeted Selling Expenses for 20Y6 are $200,000 and budgeted Administrative Expenses are $100,000. Using this information, and the information from questions 2 through 5, prepare a budgeted income statement for Nord for the year ending December 31, 20Y6. Assume a tax rate of 25%. After completing the budgets in questions 2-5 and the budgeted Income Statement above, which budgets remain to be completed for Nord?

Information from questions 2-5:

Budgeted Production: 403,500

Budgeted cash receipts from sales account $108,300

Finished goods inventory, January 1 20Y6 2800

Work in Progress inventory 16500

Direct Materials:

Direct Materials inventory, January 1 20Y6 16160

Direct Materials Purchase 967,800

Cost of direct materials available 983,960

Less direct materials inventory (Dec 31, 20Y6) 15,560

Cost of direct materials put into production 968,400

Direct labor 699,400

Factory overhead 214,600

Total manufacturing costs 1,882,400

Total work in progress during period 1,898,900

Less work in process inventory (Dec 31 20Y6) 14,300

Cost of goods manufactured 1,884,600

Cost of finished goods for sale 1,912,600

Less finished goods inventory (Dec 31 20Y6) 30,000

Cost of goods sold 1,882,600