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:

PANTHER CORPORATION Expected Account Balances for December 31, Year 2
Cash	$	5,800
Accounts receivable		330,000
Inventory (January 1, Year 2)		336,000
Plant and equipment		570,000
Accumulated depreciation				$	174,000
Accounts payable					190,000
Notes payable (due within one year)					210,000
Accrued payables					103,000
Common stock					380,000
Retained earnings					729,800
Sales revenue					2,500,000
Other income					56,000
Manufacturing costs
Materials		915,000
Direct labor		950,000
Variable overhead		626,000
Depreciation		30,000
Other fixed overhead		41,000
Marketing
Commissions		100,000
Salaries		74,000
Promotion and advertising		200,000
Administrative
Salaries		74,000
Travel		15,000
Office costs		46,000
Income taxes
Dividends		30,000
	$	4,342,800		$	4,342,800

Adjustments for the change in inventory and for income taxes have not been made. The scheduled production for this year is 420,000 units, and planned sales volume is 380,000 units. Sales and production volume was 280,000 units last year. The company uses a full-absorption costing and FIFO inventory system and is subject to a 40 percent income tax rate. The actual income statement for last year follows:

PANTHER CORPORATION Statement of Income and Retained Earnings For the Budget Year Ended December 31, Year 1
Revenues
Sales revenue				$	2,100,000
Other income					80,000		$	2,180,000
Expenses
Cost of goods sold
Materials	$	638,000
Direct labor		660,000
Variable overhead		324,000
Fixed overhead		58,000
	$	1,680,000
Beginning inventory		336,000
	$	2,016,000
Ending inventory		336,000		$	1,680,000
Selling
Salaries	$	64,000
Commissions		70,000
Promotion and advertising		136,000			270,000
General and administrative
Salaries	$	66,000
Travel		14,500
Office costs		42,000			122,500
Income taxes					43,000			2,115,500
Operating profit								64,500
Beginning retained earnings								695,300
Subtotal							$	759,800
Less dividends								30,000
Ending retained earnings							$	729,800

Required:

Prepared a budgeted income statement and balance sheet. (Round "Cost per unit" to 2 decimal places. Do not round any other intermediate calculations.)

(Enter all the values as positive values.)