QUESTION 28 Budgeted Income Statement Smith Company provided the following information for the coming year: Units produced and sold 85,000 Cost of goods sold per unit $3.10 Selling price $6.00 Variable selling & Administrative Expense per unit $0.60 Fixed Selling and administrative expenses $75,000 Tax Rate 30% Prepare a budgeted income statement for Smith Company for the coming year and answer the following questions: What is the gross margin? (Your answer should include a comma but no $, for example 10,000) QUESTION 29 What is the operating income? QUESTION 30 What is net income