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 13,500 units at $55 each. - Each unit requires 2 pounds of direct materials at $3.40 per pound. - Each unit requires 1.6 hours of direct labor at $17 per hour. - Manufacturing overhead is $4.40 per unit. - Beginning direct materials inventory is $4,900. - Ending direct materials inventory is $6,200 - Selling and administrative costs totaled $137,970. 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. Complete Ceder's budgeted income statement. Note: Do not round the intermediate values. 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. Complete Ceder's budgeted income statement. 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