Create a computation of cost of goods sold and a multi-step budgeted income statement for 2017

Exercise 13-13 Bridgeport Company has accumulated the following budget data for the year 2017. 1. Sales: 31,230 units, unit selling price $88 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,400 pounds; ending, 15,210 pounds. 4. Selng and administrative expenses: $170,000; interest expense: $30,000 5. Income taxes: 30% of income before income taxes