Budgeted Income Statement For the Quarter Ended March $31$ Sales $ $760,000$ Cost of Goods Sold: Beginning Inventory $-$ Finished Goods $0$ Material: Beginning Inventory $-$ Material $0$ Material Purchases $516,000$ Material Available $516,000$ v Ending Inventory $-$ Material $56,100$ v Direct Material $459,900$ v Direct Labor $157,500$ v Manufacturing Overhead $98,550$ Total Manufacturing Cost $715,950$ Cost of Goods Available for Sale $715,950$ Ending Inventory $-$ Finished Goods $0$ x Cost of Goods Sold $0$ x Gross Profit$|0$ x Operating Expenses: Selling Expenses $76,500$ Administrative Expenses $10,530$ Total Operating Expenses $87,030$ Income before Income Taxes $0$ x Income Tax Expense $0$ x Net Income $