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, 2019, the following tentative trial balance as of December 31, 2018, is prepared by the Accounting Department of Regina Soap Co.: Cash Accounts Receivable Finished Goods Work in Process Materials $101,600 178,800 37,500 25,000 41,100 Prepaid Expenses 3,000 Plant and Equipment 513,100 Accumulated Depreciation-Plant and Equipment $220,600 Accounts Payable Common Stock, $10 par 148,000 300,000 Retained Earnings 231,500 $900,100 $900,100 Factory output and sales for 2019 are expected to total 24,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31, 20Y9, 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: Cost of goods manufactured and sold: Direct materials Direct labor Factory overhead: Estimated Costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Depreciation of plant and equipment $24,000 $25 8