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

• Sales are expected to be 15,000 units at $41.00 each.
• Each unit requires 2 pounds of direct materials at $2.00 per pound.
• Each unit requires 1.5 hours of direct labor at $15.00 per hour.
• Manufacturing overhead is $3.00 per unit.
• Beginning direct materials inventory is $3,500.00.
• Ending direct materials inventory is $4,100.00.
• Selling and administrative costs totaled $135,870.00.

Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement.