Kalven Company has budgeted the following for the year 2020: 1. Sales: 52,500 units; unit selling price $78. 2. Cost of one unit of finished goods: direct materials, 2 kg at $4 per kilogram; direct labour, 4 hours at $13 per hour; and manufacturing overhead, $2 per direct labour hour. 3. Selling and administrative expenses: $135,000. 4. Income taxes: 25% of income before income taxes. Prepare a budgeted income statement for 2020. KALVEN COMPANY Budgeted Income Statement For 2020 Prepare a budgeted income statement for 2020. KALVEN COMPANY Budgeted Income Statement For 2020 $ $