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Calgary Industries is preparing a budgeted income statement for 2018 and has accumulated the following information. Predicted sales for the year are $690,000 and cost

Calgary Industries is preparing a budgeted income statement for 2018 and has accumulated the following information. Predicted sales for the year are $690,000 and cost of goods sold is 40% of sales. The expected selling expenses are $77,000 and the expected general and administrative expenses are $86,000, which includes $19,000 of depreciation. The company's income tax rate is 30%. The budgeted net income for 2018 is:

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$414,000.

$175,700.

$251,000

$84,900.

$75,300.

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