Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: 160,000 Units produced and sold $6.30 Cost of goods sold per unit. $11 Selling price $1.10 Variable selling and administrative expenses per unit Fixed selling and administrative expenses $423,000 18 % Tax rate 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 Gross margin Operating income Operating loss Net income Sales