Brief Exercise 23-8 North Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of $2,250,000. The total unit cost of making one unit of sales is $25. Selling and administrative expenses are expected to be $300,000. Interest is estimated to be $10,000. Income taxes are estimated to be $200,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2017. NORTH COMPANY Budgeted Income Statement Net Income / (Loss) Income from Operations Sales Total Operating Expenses Income Tax Expense Operating Expenses Ending Inventory Purchases Gross Profit Selling and Administrative Expenses Beginning Inventory Cost of Goods Sold Income Before Income Taxes Interest Expense