Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and the sales department predicted that this rate would continue throughout the entire year. The controller asked Janet Nomura, a summer accounting intern, to prepare a draft forecast for the year and to analyze the differences from last year's results. She based the forecast on actual results obtained in the first quarter plus the expected costs of production to be completed in the remainder of the year. She worked with various department heads (production, sales, and so on) to get the necessary information. The results of these efforts follow: Adjustments for the change in inventory and for income taxes have not been made. The scheduled production for this year is 454,000 units, and planned sales volume is 404,000 units. Sales and production volume was 304,000 units last year. The company uses a fullabsorption costing and FIFO inventory system and is subject to a 40 percent income tax rate. The actual income statement for last year follows: Required: Prepared a budgeted income statement and balance sheet Complete this question by entering your answers in the tabs below. ceiculations.) Required: Prepared a budgeted income statement and balance sheet. Complete this question by entering your answers in the tabs below. Prepared a budgeted income statement. (Round "Cost per unit" to 2 decimal places. Do not round any other intermediate calculations.)