Fultz Company has accumulated the following budget data for the year 2020.

1.Sales:31,270units, unit selling price $88.2.Cost of one unit of finished goods: direct materials1pound at $5per pound, direct labor3hours at $13per hour, and manufacturing overhead $6per direct labor hour.3.Inventories (raw materials only): beginning,10,110pounds; ending,15,430pounds.4.Selling and administrative expenses: $170,000; interest expense: $30,000.5.Income taxes: 30% of income before income taxes.

budgeted multiple-step income statement for 2020.

FULTZ COMPANY

Budgeted Income Statement

For the Year Ending December 31, 2020

For the Quarter Ending December 31, 2020

December 31, 2020

Sales

cost of goods

gross profit

selling and administrativeexpense

income from operations

Interest expense

Income before IncomeTax

Income Tax Expense

Net Income

$