Novak Company has budgeted the following for the year ended December 31, 2022: 1. Sales: 52,600 units; unit selling price $73. 2. Cost of one unit of finished goods: direct materials, 2 kg at $4 per kilogram; direct labour, 4 hours at $11 per hour; and manufacturing overhead, $2 per direct labour hour. 3. Selling and administrative expenses: $159,000. 4. Income taxes: 25% of income before income taxes. Prepare a budgeted income statement for the year ended December 31, 2022. NOVAK COMPANY Budgeted Income Statement For the Year Ended December 31, 2022 $ Sales Gross profit Net income before income taxes Income taxes Net income Selling and administrative expenses Cost of goods sold Beginning inventory Net loss Cost of goods available for sale Ending inventory Purchases