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Question 9 Kalven Company has budgeted the following for the year 2020: Sales: 50,200 units; unit selling price $81. 2. Cost of one unit of nished goods: direct materials, 2 kg at $4 per kilogram; direct labour, 4 hours at $12 per hour; and manufacturing overhead, $2 per direct labour hour. 3. Selling and administrative expenses: $161,000. 4. Income taxes: 25% of income before income taxes. \fPrepare a budgeted income statement for 2020. KALVEN COMPANY Budgeted Income Statement For 2020 Cost of goods available for sale Sales Gross profit Ending inventory Purchases Beginning inventory Net income before income taxes Income taxes Selling and administrative expenses Net loss Net income Cost of goods sold