Prepare an Income Statement

XYZ Corporation has accumulated the following budget data for the next year: Sales: 50,000 units, unit selling price $95 Cost of one (1) unit: Direct materials: 3 pounds at $2 per pound Direct labor: 2 hours at $20 per hour Manufacturing overhead: $10 per direct labor hour Selling and administrative expenses: $135,000 Interest expense: $75,000 Income taxes: 40% of income before taxes