E8-15 (Algo) Preparing Budgeted Income Statement [LO 8-3h) Ceder Company has compiled the following data for the upcoming year: Sales are expected to be 14,000 units at $56.00 each Each unit requires 2 pounds of direct materials at $2.50 per pound. Each unit requires 2.0 hours of direct labor at $16.00 per hour. Manufacturing overhead is $3.50 per unit. Beginning direct materials Inventory is $4,000.00 Ending direct materials inventory is $4,850.00. . Selling and administrative costs totaled $136,620. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted Income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Ceder's budgeted cost of goods sold. (Do not round the intermediate values.) Budgeted Cost of Goods Sold Required 1 Required 2 Complete Ceder's budgeted income statement. (Do not round the intermediate values.) CEDER CORP. Budgeted Income Statement Budgeted Sales Revenue Budgeted Cost of Goods Sold Budgeted Gross Margin Budgeted Selling and Administrative Expenses Budgeted Net Operating income