Finlish the budgeted income statement for the year ending

Sales - Forecasted-to sell-25,000 units - in -the-1 st. Quarter-of-2024, and an additional-2,000 units each quarter. -1 2nd quarter-of-2025. 1 The 20234th quarter-sales were 24,000-units. Selling price-for-one-unit-of-ice-cream-is-\$15. T Bloomfield-maintains-15\% of the-next-quarter's-unit-sales-in -ending-inventory - T - All-sales to-retail-stores are on account, with-collections-of 75%-made-in the quarterof-sales-and-25\%-collected-in-the-quarter-after-sale. 1 Accounts-receivable-on-December-31,-2023-is-\$72,000. Direct-Materials-- - Direct-materials-cost $3 per-pound 1.5-pounds-of-direct-materials-are-required-toproduce-each-unit. - Bloomfield-maintains-6\% - of the-materials-needed-for-the-next-quarter-in-its-ending material-inventory. Raw-Materials-on-December-31,-2023were-2,250-pounds. I - Payment-for-materials-are-made- 50%-in the-quarter-of-purchase, and-50\% in - thequarter-after-purchase. Direct-Labord Labor-required-is-15 minutes per-unit-at-a rate-of $11 - per-hour. .T I Manufacturing.OverheadT Selling-and.Administrative T Variable-selling and-administrative-cost-are-budgeted-per-sales-unit:- Shipping expense-\$.75-per-sales-unit Packaging expense-\$.50-per-sales-unit Advertising .$2,000 a month T Other-Information - The-Cash-balance-at-the-end-of-2023, is- $80,750, and-Bloomfield would-like-to- - All-Direct-Labor, -Manufacturing-Overhead-and-Selling \& Administrative costs-are paid-in the quarter-incurred. - I - Bloomfield has -an open-line-of-credit-with the-bank, and can-borrow-in any quarter-they-don't-meet-the-minimum cash-balance-of $55,000. . Borrowed-funds accrue- 3% - interest-for-the-quarter-and are-paid-in-the-first- Bloomfield-collects-interest-of-\$3,000-from-a-note-receivable-each-quarter. II - Bloomfield pays an estimated income tax at $5,000 each quarter. II I \begin{tabular}{||l||l||} \hline \hline \multicolumn{1}{||l||}{\begin{tabular}{r} Budgeted Income Statement \\ For the Year Ending \end{tabular}} \\ \hline \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Sales - Forecasted-to sell-25,000 units - in -the-1 st. Quarter-of-2024, and an additional-2,000 units each quarter. -1 2nd quarter-of-2025. 1 The 20234th quarter-sales were 24,000-units. Selling price-for-one-unit-of-ice-cream-is-\$15. T Bloomfield-maintains-15\% of the-next-quarter's-unit-sales-in -ending-inventory - T - All-sales to-retail-stores are on account, with-collections-of 75%-made-in the quarterof-sales-and-25\%-collected-in-the-quarter-after-sale. 1 Accounts-receivable-on-December-31,-2023-is-\$72,000. Direct-Materials-- - Direct-materials-cost $3 per-pound 1.5-pounds-of-direct-materials-are-required-toproduce-each-unit. - Bloomfield-maintains-6\% - of the-materials-needed-for-the-next-quarter-in-its-ending material-inventory. Raw-Materials-on-December-31,-2023were-2,250-pounds. I - Payment-for-materials-are-made- 50%-in the-quarter-of-purchase, and-50\% in - thequarter-after-purchase. Direct-Labord Labor-required-is-15 minutes per-unit-at-a rate-of $11 - per-hour. .T I Manufacturing.OverheadT Selling-and.Administrative T Variable-selling and-administrative-cost-are-budgeted-per-sales-unit:- Shipping expense-\$.75-per-sales-unit Packaging expense-\$.50-per-sales-unit Advertising .$2,000 a month T Other-Information - The-Cash-balance-at-the-end-of-2023, is- $80,750, and-Bloomfield would-like-to- - All-Direct-Labor, -Manufacturing-Overhead-and-Selling \& Administrative costs-are paid-in the quarter-incurred. - I - Bloomfield has -an open-line-of-credit-with the-bank, and can-borrow-in any quarter-they-don't-meet-the-minimum cash-balance-of $55,000. . Borrowed-funds accrue- 3% - interest-for-the-quarter-and are-paid-in-the-first- Bloomfield-collects-interest-of-\$3,000-from-a-note-receivable-each-quarter. II - Bloomfield pays an estimated income tax at $5,000 each quarter. II I \begin{tabular}{||l||l||} \hline \hline \multicolumn{1}{||l||}{\begin{tabular}{r} Budgeted Income Statement \\ For the Year Ending \end{tabular}} \\ \hline \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular}