Question 4 of 5 > 3.5/7 View Policies Show Attempt History Current Attempt in Progress 1. 2. Pharoah Company has accumulated the following budget data for the year 2022. Sales: 33,600 units, unit selling price $85. Cost of one unit of finished goods: direct materials 1 pound at $7 per pound, direct labor 3 hours at $15 per hour, and manufacturing overhead $5 per direct labor hour Inventories (raw materials only): beginning, 11,200 pounds; ending. 16,800 pounds. Selling and administrative expenses: $190,400; interest expense: $33,600. Income taxes: 20% of income before income taxes. (a) Your answer is correct. Prepare a schedule showing the computation of cost of goods sold for 2022. PHAROAH COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2022 Cost of one unit of finished goods Direct materials Direct labor Manufacturing overhead 45 15 Total 67 Cost of Goods Sold 2251200 (b) Prepare a budgeted multiple step income statement for 2022. PHAROAH COMPANY Budgeted Income Statement