Budgeted income statement Last year's income statement for Cooper Company is as follows: \begin{tabular}{|l|r|r|} \hline Sales & & $1,000,000 \\ \hline Cost of goods sold & & \\ \hline Direct material & $400,000 & \\ \hline Direct labor & 200,000 & \\ \hline Overhead & 100,000 & 700,000 \\ \hline Gross profit & & $300,000 \\ \hline Expenses & & \\ \hline Selling & $104,000 & \\ \hline Administrative & 120,000 & 224,000 \\ \hline Income before taxes & & $76,000 \\ \hline \hline \end{tabular} direct labor costs. Fixed selling expenses total $24,000; the remainder varies with sales dollars. All administrative costs are fixed. indicated changes. Note: Do not use negative signs with your answers. Note: After calculating your selling price per unit, round your answer to two decimal places and use this rounded amount to calculate sales in total. \begin{tabular}{|l|lr|} \hline Sales & $1,340,556 \\ \hline Cost of goods sold & & \\ \hline Direct material & $ & 40,000 \\ \hline Direct labor & 20,000 \\ \hline Overhead & & 0 \\ \cline { 2 - 3 } & $ & 0 \\ \hline Gross profit & & \\ \hline Expenses & $ & 24,000 \\ \hline Selling & 120,000 \\ \hline Administrative & & 0 \\ \hline Income before taxes & $r \\ \hline \hline \end{tabular}