Oliver Company provided the following information for the coming year:

Units produced and sold	160,000
Cost of goods sold per unit	$6.30
Selling price	$13
Variable selling and administrative expenses per unit	$1.10
Fixed selling and administrative expenses	$423,000
Tax rate	18 %

Required:

Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar.