Prepare and Actual Budget Income statement with the following information We receive an order for 550 units at $125.00 each We purchase 1,400 lbs. of materials., paying 1,960.00, or $1.40 per lb. We drawdown 1250 lbs. materials to produce 550 wrenches . We drawdown (pay) $21.00 hr. for 1640 hours of labor to produce the 550 wrenches. We incur variable overhead expenses (ex. - utilities) of $11,890.00. Fixed overhead (insurance)costs are $7,800. Fixed overhead is deemed to be a period expense. We sell all 550 units at $125 each