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 33% Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year Sales $2,080,000 Cost of goods sold 1,008,000 Gross margin Less: Variable selling and administrative expenses 176,000 Less: Fixed selling and administrative expenses -423,000 Operating income Less: Income taxes Net income