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

	Sales are expected to be 14,000 units at $60.00 each.
	Each unit requires 3 pounds of direct materials at $3.50 per pound.
	Each unit requires 1.7 hours of direct labor at $18.00 per hour.
	Manufacturing overhead is $4.50 per unit.
	Beginning raw materials inventory is $5,000.00.
	Ending raw materials inventory is $6,350.00.
	Selling and administrative costs totaled $138,120.

1.	Determine Ceder's budgeted cost of goods sold.

2.	Complete Ceder's budgeted income statement. (Includes budgeted gross margin and budgeted net operating income)