Exercise 23-13 Fultz Company has accumulated the following budget data for the year 2017. 1. Sales: 31,240 units, unit selling price $89. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. Inventories (raw materials only): beginning, 10,130 pounds; ending, 15,270 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes: 30% of income before income taxes. 2. 3. 4. 5. Prepare a schedule showing the computation of cost of goods sold for 2017. FULTZ 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 2017. FULTZ COMPANY Budgeted Income Statement