Coronado Industries' balance sheet at December 31,2021 , is presented below. Talul nerate Budgeted data for the year 2022 include the following. To meet sales requirements and to have 2,300 units of finished goods on hand at December 31,2022 , the production budget shows 8,280 required units of output. The total unit cost of production is expected to be $18. Coronado uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,220 for the year. Income taxes are expected to be 20% of income before income taxes. In 2022, the company expects to declare and pay an $7,360 cash dividend. The company's cash budget shows an expected cash balance of $17,408 at December 31,2022 . All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2022 , the company expects to purchase additional equipment costing $8,280. $3,740 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Coronado expects to pay $7,360 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,220, above). Accounts payable at December 31,2022 , includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $6,624. Unpaid income taxes at December 31 will be $4,600. (a) Prepare a budgeted statement of cost of goods sold