Preparing a Budgeted Income Statement

Oliver Company provided the following information for the coming year:

Units produced and sold $160,000$

Cost of goods sold per unit $$6\mathrm{.}30$

Selling price $$14$

Variable selling and administrative expenses per unit $$1\mathrm{.}10$

Fixed selling and administrative expenses $$423,000$

Tax rate $18\%$

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

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