Haven Company has accumulated the following budget data for the year 2020:

1.Sales: 31,100 units; unit selling price $81

2.Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, three hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour

3.Inventories (raw materials only): beginning, 10,900 kg; ending, 14,400 kg

4.Raw materials cost: $5 per kilogram

5.Selling and administrative expenses: $205,000

6.Income taxes: 30% of income before income taxes

Instructions

a. Prepare a schedule showing the calculation of the cost of goods sold for 2020.

b. Prepare a budgeted income statement for 2020.

Please be detailed, and show full explanation of calculations in how you got the answer. I will then give a like.