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 15,500 units at $46.00 each. Each unit requires 3 pounds of direct materials at $2.30 per pound. Each unit requires 2.0 hours of direct labor at $12.00 per hour. Manufacturing overhead is $4.80 per unit. Beginning direct materials inventory is $5,300.00. Ending direct materials inventory is $6,800.00. Selling and administrative costs totaled $138,570. 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 Gross Margin Budgeted Net Operating Income