Budgeted income statement Last year's income statement for Cooper Company is as follows: This year, unit sales of 180,000 are expected to increase by 25 percent; material and labor costs are expected to increase by 10 percent per unit. Overhead is applied to production based on a percentage of direct labor costs. Fixed selling expenses total $43,200; the remainder varies with sales dollars. All administrative costs are fixed, Management desires to earn 10 percent on sales this year and will adjust the unit selling price if necessary. Develop a budgeted income statement for the year for Cooper Company that incorporates the 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