E-6 Walt Bach Company has accumulated the following budget data for the year 2016. 1. Sales: 40,000 units, unit selling price $50. 2. Cost of one unit of finished goods: Direct materials 2 pounds at $5 per pound, direct labor 1.5 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): Beginning, 10,000 pounds; ending, 15,000 pounds. 4. Raw materials cost: $5 per pound. 5. Selling and administrative expenses: $200,000. 6. Income taxes: 30% of income before income taxes Instructions (a) Prepare a schedule showing the computation of cost of goods sold for 2016. (b) Prepare a budgeted income statement for 2016