North Company has completed all of its operating budgets. The sales budget for the year shows 50,140 units and total sales of $2,294,200. The total unit cost of making one unit of sales is $24. Selling and administrative expenses are expected to be $304,600. Interest is estimated to be $13,820. Income taxes are estimated to be $221,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2020.

NORTH COMPANY Budgeted Income Statement choose the accounting period December 31, 2020For the Year Ending December 31, 2020For the Quarter Ending December 31, 2020
select an income statement item Cost of Goods SoldIncome from OperationsTotal Operating ExpensesNet Income / (Loss)Beginning InventoryEnding InventorySalesIncome Tax ExpensePurchasesGross ProfitOperating ExpensesSelling and Administrative ExpensesIncome Before Income TaxesInterest Expense		$enter a dollar amount
select an income statement item Net Income / (Loss)Beginning InventoryEnding InventoryIncome Tax ExpenseIncome Before Income TaxesIncome from OperationsSelling and Administrative ExpensesInterest ExpenseOperating ExpensesPurchasesTotal Operating ExpensesSalesCost of Goods SoldGross Profit		enter a dollar amount
select a summarizing line for the first part Net Income / (Loss)Total Operating ExpensesGross ProfitPurchasesSalesIncome from OperationsIncome Tax ExpenseInterest ExpenseBeginning InventorySelling and Administrative ExpensesOperating ExpensesCost of Goods SoldIncome Before Income TaxesEnding Inventory		enter a total amount for the first part
select an income statement item Beginning InventoryOperating ExpensesSelling and Administrative ExpensesTotal Operating ExpensesNet Income / (Loss)Income from OperationsPurchasesIncome Tax ExpenseCost of Goods SoldIncome Before Income TaxesInterest ExpenseGross ProfitEnding InventorySales		enter a dollar amount
select a summarizing line for the second part Cost of Goods SoldEnding InventoryTotal Operating ExpensesIncome Before Income TaxesPurchasesIncome Tax ExpenseBeginning InventoryGross ProfitIncome from OperationsSelling and Administrative ExpensesOperating ExpensesNet Income / (Loss)Interest ExpenseSales		enter a total amount for the second part
select an income statement item Gross ProfitSelling and Administrative ExpensesOperating ExpensesEnding InventoryIncome from OperationsIncome Tax ExpenseSalesInterest ExpenseNet Income / (Loss)Cost of Goods SoldBeginning InventoryIncome Before Income TaxesTotal Operating ExpensesPurchases		enter a dollar amount
select a summarizing line for the third part PurchasesOperating ExpensesIncome from OperationsTotal Operating ExpensesEnding InventorySalesIncome Tax ExpenseGross ProfitCost of Goods SoldSelling and Administrative ExpensesNet Income / (Loss)Beginning InventoryIncome Before Income Taxes		enter a total amount for the third part
select an income statement item Selling and Administrative ExpensesIncome Tax ExpenseIncome from OperationsOperating ExpensesTotal Operating ExpensesGross ProfitEnding InventoryIncome Before Income TaxesPurchasesCost of Goods SoldBeginning InventoryInterest ExpenseSalesNet Income / (Loss)		enter a dollar amount
select a closing name for the budgeted income statement Net Income / (Loss)SalesInterest ExpenseSelling and Administrative ExpensesEnding InventoryTotal Operating ExpensesIncome Before Income TaxesCost of Goods SoldIncome from OperationsIncome Tax ExpensePurchasesGross ProfitOperating ExpensesBeginning Inventory		$enter a total net income or loss amount