Problem 22-U2A (Part Level Submission) Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below. Product IB 50 Product JB 60 404,400 $21 204,600 $27 27,900 34,100 16,900 13,400 Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 1 32,900 43,900 $2 2 18,100 11,100 $4 54 0.6 0.3 $11 $11 $13 $21 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows Selling expenses of $664,000 for product B 50 and $164,000 for product 60, and administrative expenses of $542,000 for product 8 50 and $344,000 for product 30 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30% (e) Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). DELEON INC. Budgeted Income Statement JB 50 JB 60 Total dy Sales 8492400 5524200 $ Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses 564000 364000 Administrative Expenses 542000 344000 Total Operating Expenses Income from Operations Interest Expense JB 50 JB 60 Total Sales Gross Profit Income from Operations Interest Expense Income before Income Taxes Income Tax Expense