Mezaka PublishingExpects factory output & sales for the current year to total 3,800 units, which will be sold at $120 per unit. The beginning & ending inventories will remain unchanged for the year. Budget estimates of manufacturing costs and operating expense for the year are summarized below: Prepare a budgeted income statement. Estimated costs & expense: fixed costs Variable costs for year: (per unit sold) Cost of goods manufactured & sold: Direct Materials 30.00 Direct Labor 8.40 Factory Overhead: Depreciation of plant & equipment 4,000 Other fixed factory overhead 1,400 Variable factory overhead 4.80 Selling Expenses: Sales salaries 64,100 Advertising 13,200 Miscellaneous selling expense 10,500 Administrative expenses: Office & officers salaries 34,400 Supplies 5,060 Miscellaneous admin expenses 9,520 Income tax for the year: 35,000