Ceder Company has compiled the following data for the upcoming year: Sales are expected to be 15,000 units at $55 each. Each unit requires 4 pounds of direct materials at $2.70 per pound. Each unit requires 1.5 hours of direct labor at $18 per hour. Manufacturing overhead is $3.70 per unit. Beginning direct materials inventory is $4,200. Ending direct materials inventory is $5,150. Selling and administrative costs totaled $136,920. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement. . . . . . .