Bramble Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 403,200 $23 204,100 $27 29,300 34,400 17,800 11,900 2 3 Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 32,300 41,300 17,300 14,300 $3 $3 0.3 0.6 $12 $12 $12 $21 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $665,000 for product JB 50 and $361,000 for product JB 60, and administrative expenses of $541,000 for product JB 50 and $344,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Your answer is partially correct. Try again. Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). BRAMBLE INC. Budgeted Income Statement For the Year Ending December 31, 2017 v JB 50 JB 60 Total Sales 9,273,600 5,510,700 14,784,300 Cost of Goods Sold Gross Profit Operating Expenses X Selling Expenses Administrative Expenses Total Operating Expenses 1,206,000 705,000 1,911,000 Income from Operations Interest Expense 150,000 Income before Income Taxes Income Tax Expense Net Income / (Loss)