E-Lan Electronics Budgeting Project Step 4 Net Plant and Equipment as of December 31 was it 7,800,00 0 Common Stock account Did not change :5 1,200,00 O Retained Earnings as of December 31 was :3 8,575,19 2 Prepare the Budgeted Balance Sheet. Check Figures Total Sales $32,650,800 Total Raw Materials Purchased $12,058,693 Total Direct Labor Cost (March) $3,924,720 Budgeted Production Cost per Unit $3.615 Ending Finished Goods Inventory $785,237.66 (Quarter) Total 5&A Expenses $2,652,924 (Quarter) Total Financing $790,263 (End of Feb) Net Income $2,277,070.10 $15,207,347.6 Total Assets 6