materials budgets are as follows, materials budgets are as follows. Sales. Sales for the year are expected to total 900,000 units. Quarterly sales are 21\%, 27\%, 23\%, and 29\%, respectively. The unit selling price is expected to be $38 for the first three quarters and $47 beginning in the fourth quarter. Sales in the first quarter of 2023 are expected to be 15% higher than the budgeted sales for the first quarter of 2022. Production. Management desires to maintain the ending finished goods inventories at 20% of the next quarter's budgeted sales volume. Direct materials. Each unit requires 2 pounds of raw materials at a cost of $11 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter's production requirements. Assume the production requirements for first quarter of 2023 are 405,000 pounds. Bonita budgets 0.4 hours of direct labor per unit, labor costs at $11 per hour, and manufacturing overhead at $17 per direct labor hour. Its budgeted selling and administrative expenses for 2022 are $5,400,000. Prepare the budgeted multiple-step income statement for 2022. (Ignore income taxes.)