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 16,000 units at $45 each. - Each unit requires 3 pounds of direct materials at $2.90 per pound. - Each unit requires 1.7 hours of direct labor at $12 per hour. - Manufacturing overhead is $3.90 per unit. - Beginning direct materials inventory is $4,400. - Ending direct materials inventory is $5,450. - Selling and administrative costs totaled $137,220. 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. Determine Ceder's budgeted cost of goods sold. Note: Do not round the intermediate values. Complete this question by entering your answers in the tabs below. Complete Ceder's budgeted income statement. Note: Do not round the intermediate values