Question 9 Kalven Company has budgeted the following for the year 2020: 1. 2. 3. 4. Sales: 46,000 units; unit selling price $79. 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: $137,000. Income taxes: 25% of income before income taxes. Prepare a budgeted income statement for 2020. KALVEN COMPANY Budgeted Income Statement For 2020 Sales 3634000 Cost of goods sold 2576000 Gross profit 1058000 Selling and administrative expenses 137000 Net income before income taxes 921000 Income taxes 230250 690750 Net income