Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2014, the following tentative trial balance as of December 31, 2013, is prepared by the Accounting Department of Regina Soap Co.: Cash Accounts Receivable Finished Goods $98,000 188,200 39,500 Work in Process Materials 26,300 43,300 Prepaid Expenses 3,200 Plant and Equipment 442,000 Accumulated Depreciation-Plant and Equipment $190,100 Accounts Payable 136,700 Common Stock, $10 par Retained Earnings 300,000 213,700 $840,500 $840,500 Factory output and sales for 20Y4 are expected to total 23,000 units of product, which are to be sold at $90 per unit. The quantities and costs of the inventones at December 31, 2014, are expected to remain unchanged from the balances at the beginning of the year Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: