Fultz Company has accumulated the following budget data for the year 2020. 1. 2. 3. 4. 5. Sales: 31,450 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $6 per direct labor hour. Inventories (raw materials only): beginning, 10,290 pounds; ending, 15,250 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes: 30% of income before income taxes. Prepare a schedule showing the computation of cost of goods sold for 2020. 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 2020. FULTZ COMPANY Budgeted Income Statement $ Click if you would like to Show Work for this question: Open Show Work Prepare a budgeted multiple-step income statement FULTZ COMPANY Budgeted Income Statement Operating Expenses Net Income / (Loss) Gross Profit Beginning Inventory Purchases Ending Inventory Income before Income Taxes Sales Income from Operations Income Tax Expense Selling and Administrative Expenses Total Operating Expenses Cost of Goods Sold