Budgeted data for the year 2025 include the following. riepale a vuhgeleu statellell uI lust ul guuns sulu. LILY INDUSTRIES Budgeted Cost of Goods Sold For the Year Ending December 31, 2025 Finished Goods Inventory, 1/1/25 Cost of Goods Manufactured Direct Materials Used Direct Labor Manufacturing Overhead Applied Manufacturing Overhead Applied $ $ 40824 Finished Goods Inventory, 1/2/31/25 Cost of Goods Sold Cost of Goods Available For Sale eTextbook and Media Attempts: 1 of 2 used LILY INDUSTRIES Budgeted Income Statement For the Year Ending December 31, 2025 Prepare a retained earnings statement for 2025. (List items that increase retained earnings first.) Question 1 of 2 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,260 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation Total assets $6,300 61,740 20,160 88,200 Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $33,600 8,40025,200 $113,400 Budgeted data for the year 2025 include the following. To meet sales requirements and to have 2,100 units of finished goods on hand at December 31,2025 , the production budget shows 7,560 required units of output. The total unit cost of production is expected to be $18. Lily uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $2,940 for the year. Income taxes are expected to be 20% of income before income taxes. In 2025, the company expects to declare and pay an $6,720 cash dividend. The company's cash budget shows an expected cash balance of $12,832 at December 31, 2025. All sales and purchases are on account. It is expected 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 suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2025 , the company expects to purchase additional equipment costing $7,560. A total of $3,380 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Lily expects to pay $6,720 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $2,940, above). Accounts payable at December 31, 2025, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $6,048. Unpaid income taxes at December 31 will be $4,200. Prepare a budgeted statement of rnot nf anndo onld Prepare a budgeted multiple-step income statement for 2025. LILY INDUSTRIES Budgeted Income Statement For the Year Ending December 31, 2025 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income from Operations Interest Expense Income before Income Taxes Income Tax Expense Net Income / (Loss) $ Prepare a retained earnings statement for 2025. (List items that increase retained earnings first.)