E10.26 (LO 3) Haven Company has accumulated the following budget data for the year 2022:

1. Sales: 30,000 units; unit selling price $80
2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, three hours at $12 per hour; and manufacturing overhead, $6 per direct labour hour
3. Inventories (raw materials only): beginning, 10,000 kg; ending, 15,000 kg
4. Raw materials cost: $5 per kilogram
5. Selling and administrative expenses: $200,000
6. Income taxes: 30% of income before income taxes

Instructions

1. Prepare a schedule showing the calculation of the cost of goods sold for 2022.
2. Prepare a budgeted income statement for 2022.