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 60 400.000 $20 200,000 $25 30,000 25.000 15,000 10,000 Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 2 30,000 40.000 $3 3 10,000 15.000 $4 0.4 $12 0.6 $12 $13 520 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $560,000 for product JB 50 and $360,000 for product JB 60 and administrative expenses of $540,000 for product JB 50 and $340,000 for product 18 60. Interest expense is $150,000 feet 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 For the Year Ending December 31, 2020 JB 50 JB 60 Total Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Expenses Income from Operations Total Operating Expenses $ Interest Expense Income before Income Taxes Income Tax Expense 5 Net Income /(Loss)