Crane Company has completed all of its operating budgets. The sales budget for the year shows 50,160 units and total sales of $2,228,200. The total unit cost of making one unit of sales is $24. Selling and administrative expenses are expected to be $309,200. Interest is estimated to be $12,710. Income taxes are estimated to be $226,800.

Prepare a budgeted multiple-step income statement for the year ending December 31, 2020.

Budgeted Income Statement

For the year ended December 31,

Sales

Cost of goods sold

Gross profit $

Selling and administrative expenses $

Income from operations $

Interest expense $

Income before income taxes $

Income tax expense $

Net income /(loss)