Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 $6.30 Cost of goods sold per unit Selling price $13 $1.10 Variable selling and administrative expenses per unit Fixed selling and administrative expenses $423.000 Tax rate 33 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year Sales Cost of goods sold - Gross margin Less: Variable selling and administrative expenses Less: Fixed selling and administrative expenses Operating income Less: Income taxes Net Income