Ivanhoe Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following.

		Product JB 50		Product JB 60
Sales budget:
Anticipated volume in units		432,000		216,000
Unit selling price		$20		$25
Production budget:
Desired ending finished goods units		32,400		16,200
Beginning finished goods units		27,000		10,800
Direct materials budget:
Direct materials per unit (pounds)		2		3
Desired ending direct materials pounds		32,400		10,800
Beginning direct materials pounds		43,200		16,200
Cost per pound		$3		$4
Direct labor budget:
Direct labor time per unit		0.40		0.60
Direct labor rate per hour		$12		$12
Budgeted income statement:
Total unit cost		$13		$20

An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $604,800 for product JB 50 and $388,800 for product JB 60, and administrative expenses of $583,200 for product JB 50 and $367,200 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%.

Prepare the budgeted multi-step income statement for the year. (Note: income taxes are not allocated to the products.)