Question 9 Kalven Company has budgeted the following for the year 2020: 1. Sales: 55,000 units; unit selling price $77. Cost of one unit of finished goods: direct materials, 2 kg at $4 per kilogram; direct labour, 4 hours at $11 per hour; and manufacturing overhead, $2 per direct labour hour. Selling and administrative expenses: $155,000. Income taxes: 25% of income before income taxes. 3. 4. Prepare a budgeted income statement for 2020. KALVEN COMPANY Budgeted Income Statement For 2020