Huber Company has the following post$-$closing trial balance on December $31,2024$:

$($Click the icon to view the post$-$closing trial balance.$)$

The company's accounting department has gathered the following budgeting information for the first

quarter of $2025$ :

$($Click the icon to view the budgeting information.$)$

Additional information:

a$.$ Direct materials purchases are paid $60\%$ in the quarter purchased and $40\%$ in the

next quarter.

b$.$ Direct labor, manufacturing overhead, selling and administrative costs, and income

tax expense are paid in the quarter incurred.

c$.$ Accounts payable at December $31,2024$ are paid in the first quarter of $2025.$

Read the requirements.

Requirement $1.$ Prepare Huber Company's budgeted income statement for the first quarter of $2025.$

Huber Company

Budgeted Income Statement

For the Quarter Ended March $31,2025$

Sales Revenue

Cost of Goods Sold

Gross Profit

Selling and Administrative Expenses

Income before Income Taxes

Income Tax ExpenseData table

Data tableData table

Net Income