Ivanhoe Industries' balance sheet at December 31,2021 , is presented here. Budgeted data for the year 2022 include the following. To meet sales requirements and to have 2,150 units of finished goods on hand at December 31,2022 , the production budget shows 7.740 required units of output. The total unit cost of production is expected to be $18. Ivanhoe uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,010 for the year. Income taxes are expected to be 20% of income before income taxes. In 2022, the company expects to declare and pay an $6,880 cash dividend. The company's cash budget shows an expected cash balance of $11,444 at December 31, 2022. All sales and purchases are on account. It is expected that 609 of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2022 , the company expects to purchase additional equipment costing $7.740.$3.440 of depreciation expense on equipment is included in the budget data and split equally botween manufacturing overhead and selling and administrative expenses. Ivanhoe expects to pay $6,880 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,010, above). Accounts payable at December 31, 2022, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $6,210. Unpaid income taxes at December 31 will be $4,348. Prenare a budoeted statement of cost of onnds cold