Prepare the budgeted income statement for ACME Corporation with the following information for 2023. (9 marks)

Sales for 2023 are expected to total 300,000 units.

The sales price is expected to be $30 per unit. Each unit requires 0.6 kg of raw materials at a cost of $8 per kilogram. ACME Corporation budgets 15 minutes of direct labour per unit, labour costs at $22 per hour, and manufacturing overhead at $10 per unit.

Its budgeted selling and administrative expenses for 2023 are $1,200,000. Income taxes are estimated to be 25%.