Fultz Company has accumulated the following budget data for the year 2020. 1. 2. Sales: 31,100 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 $12 per hour, and manufacturing overhead $6 per direct labor hour. Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,100 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes: 30% of income before income taxes. 3 4. 5. Prepare a schedule showing the computation of cost of goods sold for 2020. FULTZ COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2020 Cost of one unit of finished goods: Direct materials Direct labor 36 Manufacturing overhead 18 Total tA 59 Cost of Goods Sold $ 1834900 i e Textbook and Media + Chapter 22 Homework Question 3 of 5 Prepare a budgeted multiple-step income statement for 2020. FULTZ COMPANY Budgeted Income Statement For the Year Ending December 31, 2020 - Sales $ Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income before Income Taxes Income Tax Expense Net Income /(Loss) $