Exercise 22-13 a-b (Video) Ivanhoe Company has accumulated the following budget data for the year 2020. 1. 2. 3. Sales: 31,230 units, unit selling price $88. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. Inventories (raw materials only): beginning, 10,400 pounds; ending, 15,210 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes: 30% of income before income taxes. 4. 5. Prepare a schedule showing the computation of cost of goods sold for 2020. IVANHOE COMPANY Computation of Cost of Goods Sold Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total $ Cost of Goods Sold $ Prepare a budgeted multiple-step income statement for 2020. IVANHOE COMPANY Budgeted Income Statement V >