Question 9 Kalven Company has budgeted the following for the year 2020: 1. 2. 3. 4. Sales: 50,200 units; unit selling price $81. Cost of one unit of finished goods: direct materials, 2 kg at $4 per kilogram; direct labour, 4 hours at $12 per hour; and manufacturing overhead, $2 per direct labour hour Selling and administrative expenses: $161,000 Income taxes: 25% of income before income taxes Prepare a budgeted income statement for 2020 KALVEN COMPANY Budgeted Income Statement For 2020