Cedar Company has compiled the following data for the upcoming year:

-Sales are expected to be 15,500 units at $46.00 each.

-Each unit requires 3 pounds of direct materials at $2.30 per pound.

-Each unit requires 2.0 hours of direct labor at $12.00 per hour.

-Manufacturing overhead is $4.80 per unit.

-Beginning direct materials inventory is $5,300.00.

-Ending direct materials inventory is $6,800.00.

-Selling and administration costs totaled $138,570.

Required:

1. Determine Cedar's budgeted costs of goods sold.
2. Complete Cedar's budgeted income statement.