Cost of goods manufactured and sold: 1 Direct materials Fixed Variable (Total for Year) (Per Unit Sold) $1.10 0.65 Direct labor Factory overhead: Depreciation of plant and equipment $40,000 Other factory overhead 12,000 0.40 Selling expenses: Sales salaries and commissions 46,000 0.45 Advertising 64,000 Miscellaneous selling expense 6,000 0.25 Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense 72,400 0.12 5,000 0.10 4,000. 0.05 Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $30,000 on 2019 taxable income will be paid during 2019. Regular quarterly cash dividends of $0.15 per share are expected to be declared and paid in March, June, September, and December on 18,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $75,000 cash in May. Required: 1. Prepare a budgeted.income statement for 2019 Check My Work Previous Next