Do It! Review 21-3 (Part Level Submission) Pargo Company is preparing its budgeted income statement for 2017. Relevant data pertaining to its sales, production, and direct materials budgets are as follows sales. Sales for the year are expected to total 1,400,000 units. Quarterly sales are 19% 23% 27%, and 31% respectively. The sales price is expected to be S41 per unit for the first three quarters and $45 per unit beginning in the fourth quarter. Sales in the first quarter of 2018 are expected to be 15% higher than the budgeted sales for the first quarter of 2017 Production. Managem ent desires to maintain the ending finished goods inventories at 19% or the next quarter's budgeted sales volume Direct materia s. Each uni equires 2 pounds o ra materials a a cost o $10 per pound Management desires to maintain ra materials inventories at 2 % of en ar er s o tion re rement Assume production requirements for first quarter of 2018 are 490,000 pounds. Pargo budgets 0.3 hours of direct labor per unit, labor costs at $12 per hour, and manufacturing overhead at $17 per direct ts budgeted selling and admin trative expense for 20 ? are ? g7000 or our Calculate the budgeted total unit cost. (Round answer to 2 decimal places, e.g. 12.25.) Total unit cost Prepare the budgeted multiple-step income statement for 2017- (Ignore income taxes.) PARGO COMPANY Budgeted Income Statement