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 $99,500 175,100 36,800 24,500 40,300 Prepaid Experoes 3,000 Plant and Equipment 447,800 Accumulated Depreciation-Plant and Equipment $192,600 Accounts Payable 130,400 Common Stock, 110 par 300,000 Retained Earrings 204,000 $427,000 5827,000 Factory output and sales for 2019 are expected to total 22,000 units of product, which are to be sold at 1110 per unit. The quantities and costs of the inventories at December 31, 2019, are expected to remain unchanged from the balances at the beginning of the yea Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows Cost of goods manufactured and sold: Direct materials Estimated Costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) $28 8.5 Direct labor Factory overd Depreciation of plant and equipment $22,000 Other factory everhead 6.600 Selling expenses Sales salaries and commis 79,000 14