Question 9 Kalven Company has budgeted the following for the year 2020: 1. 2. Sales: 47,500 units; unit selling price $76. 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, s2 per direct labour hour. Selling and administrative expenses: $144,000. Income taxes: 25% of income before income taxes. 3. 4. Prepare a budgeted income statement for 2020. KALVEN COMPANY Budgeted Income Statement For 2020 Sales 3617600 Cost of goods sold Gross profit 2665600 952000 144000 Selling and administrative expenses Net income before income taxes 808000 202000 Income taxes Net income 605000 LINK TO TEXT