Problem - Budgeted Income Statement Using the data below, complete the budgeted income statement for 2016. Correct answers is for #1-5 are worth 1.5_points(s). Sales: 40,000 units, unit selling price $50. Selling and administrative expenses: $200,000. Income taxes: 30% of income before income taxes. Cost of one unit of finished goods is $37 Walt Bach Company Budgeted Income Statement For the Year Ending December 31, 2016 Sales 1. Cost of goods sold 2. Gross profit 3 4. Selling and administrative expenses Income before income taxes Income tax expense Net income 5