Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below.

		Product JB 50		Product JB 60
Sales budget:
Anticipated volume in units		404,800		203,400
Unit selling price		$22		$27
Production budget:
Desired ending finished goods units		29,200		18,100
Beginning finished goods units		33,700		11,400
Direct materials budget:
Direct materials per unit (pounds)		1		3
Desired ending direct materials pounds		33,600		18,600
Beginning direct materials pounds		41,000		11,300
Cost per pound		$3		$3
Direct labor budget:
Direct labor time per unit		0.3		0.6
Direct labor rate per hour		$11		$11
Budgeted income statement:
Total unit cost		$12		$21

An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $664,000 for product JB 50 and $363,000 for product JB 60, and administrative expenses of $542,000 for product JB 50 and $344,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%.

Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products).

DELEON INC. Budgeted Income Statement choose the accounting period For the Quarter Ending December 31, 2020For the Year Ending December 31, 2020December 31, 2020
		JB 50		JB 60		Total
select an income statement item Total Operating ExpensesPurchasesIncome from OperationsSalesBeginning InventoryIncome Tax ExpenseCost of Goods SoldGross ProfitEnding InventoryAdministrative ExpensesSelling ExpensesNet Income / (Loss)Operating ExpensesInterest ExpenseIncome before Income Taxes		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
select an income statement item Operating ExpensesSalesAdministrative ExpensesIncome Tax ExpenseGross ProfitPurchasesInterest ExpenseSelling ExpensesBeginning InventoryNet Income / (Loss)Ending InventoryIncome from OperationsIncome before Income TaxesTotal Operating ExpensesCost of Goods Sold		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a summarizing line for the first part Income Tax ExpenseInterest ExpenseCost of Goods SoldTotal Operating ExpensesIncome before Income TaxesSelling ExpensesGross ProfitSalesOperating ExpensesPurchasesNet Income / (Loss)Administrative ExpensesBeginning InventoryEnding InventoryIncome from Operations		enter a total amount for the first part		enter a total amount for the first part		enter a total amount for the first part
select an opening name for section two Income from OperationsSalesSelling ExpensesNet Income / (Loss)Income before Income TaxesInterest ExpenseOperating ExpensesEnding InventoryIncome Tax ExpenseBeginning InventoryCost of Goods SoldTotal Operating ExpensesPurchasesAdministrative ExpensesGross Profit
select an income statement item SalesIncome Tax ExpenseTotal Operating ExpensesIncome before Income TaxesAdministrative ExpensesIncome from OperationsEnding InventoryNet Income / (Loss)PurchasesInterest ExpenseOperating ExpensesBeginning InventoryGross ProfitSelling ExpensesCost of Goods Sold		enter a dollar amount		enter a dollar amount		enter a dollar amount
select an income statement item Cost of Goods SoldBeginning InventoryPurchasesGross ProfitIncome Tax ExpenseIncome from OperationsSalesOperating ExpensesIncome before Income TaxesNet Income / (Loss)Total Operating ExpensesSelling ExpensesAdministrative ExpensesEnding InventoryInterest Expense		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a closing name for section two SalesInterest ExpensePurchasesCost of Goods SoldIncome before Income TaxesTotal Operating ExpensesEnding InventoryGross ProfitAdministrative ExpensesSelling ExpensesNet Income / (Loss)Beginning InventoryIncome from OperationsOperating ExpensesIncome Tax Expense		enter a total amount for section two		enter a total amount for section two		enter a total amount for section two
select a summarizing line for the second part Beginning InventoryNet Income / (Loss)Income before Income TaxesIncome from OperationsEnding InventoryOperating ExpensesCost of Goods SoldSelling ExpensesGross ProfitAdministrative ExpensesTotal Operating ExpensesIncome Tax ExpenseInterest ExpenseSalesPurchases		$enter a total amount for the second part		$enter a total amount for the second part		enter a total amount for the second part
select an income statement item Interest ExpenseOperating ExpensesEnding InventoryIncome from OperationsGross ProfitBeginning InventoryIncome before Income TaxesNet Income / (Loss)Income Tax ExpenseAdministrative ExpensesSalesTotal Operating ExpensesCost of Goods SoldSelling ExpensesPurchases						enter a dollar amount
select a summarizing line for the third part Income Tax ExpenseBeginning InventoryGross ProfitIncome before Income TaxesSalesNet Income / (Loss)Administrative ExpensesCost of Goods SoldIncome from OperationsEnding InventoryPurchasesInterest ExpenseSelling ExpensesOperating ExpensesTotal Operating Expenses						enter a total amount for the third part
select an income statement item Interest ExpenseGross ProfitEnding InventoryAdministrative ExpensesSelling ExpensesNet Income / (Loss)PurchasesSalesBeginning InventoryTotal Operating ExpensesIncome before Income TaxesIncome Tax ExpenseCost of Goods SoldIncome from OperationsOperating Expenses						enter a dollar amount
select a closing name for the budgeted income statement Gross ProfitIncome before Income TaxesTotal Operating ExpensesNet Income / (Loss)Operating ExpensesInterest ExpenseCost of Goods SoldIncome from OperationsIncome Tax ExpenseAdministrative ExpensesSelling ExpensesBeginning InventoryPurchasesSalesEnding Inventory						$enter a total net income or loss amount