Blossom Industries' balance sheet at December 31, 2021, is presented here. Budgeted data for the ycar 2022 include the following. To meet sales requirements and to have 2,000 units of finishecl goods on hand at December 31,2022 , the production budget shows 7,200 rexpuirad units of coutput. The tatal urit cost uf protuction is expectedi to be $18. Blesson uses the furst-in, first-cut iFIFO) inventorv costing method. Interest expense is expected to be $2.800 for the year. Income taxes are expected to be 20% of income belore incoune taxes. In 2022 , the tompany expects to decilare and pay an $6,400 ash dividend. The company's cash budget shows an expected cash balance of $10,544 at December 31,2022 All sales and purchases are on account. It is cxpected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from supollers are paid 50% in the quarter incurred and the remainder in the following guarter. Purchases in the fourth quarter were the same as the materials used. In 2022, the company expects to purchese additional equipment costing $7,200.$3.200 of depreciation expense on equipment is included in the bulgec data and split equal ly between mbnulacturing crearhend and selliry and administrative expeness. Blusson experts to pay $,400 ar the butstanding nutes payable balance plus all interest due and payable to December 31 (included in interest expense $2,800, abovel. Accounts payable at December 31,2022 , includes ambunts due suppliers issen abovel plus ather accounts piyable relating to manufacturing overhenad of $5,760 Unpaid income taxes at December 31 will be $4,000. Prepare a budgeted statement of cost of goods sold. BLOSSOM INDUSTRIES Budgeted Cost of Goods Sold For the Year Ending December 31,2022 Finished Goods Irventory, 1/1/22 $200 Cost of Goods Manufactured Direct Materials Used $50000 \begin{tabular}{|l|} \hline Direct Labor \\ \hline \end{tabular} \begin{tabular}{|l|} \hline Manufacturing Overhead Applied \\ \hline \end{tabular} Cost of Goods Available For Sale \begin{tabular}{r|} \hline 129600 \\ \hline 148800 \end{tabular} Finished Goods Inventory, 12/31/22 \begin{tabular}{|l|l|} \hline & 36000i \\ \hline$12800 \\ \hline \end{tabular} Prepare a budgeted multiple-step income statement for 2022. Prepare a retained earnings statement for 2022. (List items that increase retained earnings first.) Prepare a budgeted classified balance sheet at December 31, 2022. (List Current Assets in order of liquidity.) BLOSSOM INDUSTRIES Budgeted Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $
