Concord Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 448,000 224.000 Unit selling price $20 $25 Production budget: Desired ending finished goods units 33,600 16,800 Beginning finished goods units 28.000 11,200 Direct materials budget: 2 3 Direct materials per unit (pounds) Desired ending direct materials pounds 33,600 11,200 Beginning direct materials pounds 44,800 16,800 $3 $ $4 Cost per pound Direct labor budget: 0.4 0.6 Direct labor time per unit Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $627,200 for product JB 50 and $403,200 for product JB 60, and administrative expenses of $604,800 for product JB 50 and $380,800 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%. Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). CONCORD INC. Budgeted Income Statement For the Year Ending December 31, 2022 JB 50 JB 60 Total Sales $ $ $ Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Expenses MINI Total Operating Expenses $ $ $ $