Question 9 Kalven Company has budgeted the following for the year 2020: 1. Sales: 54,300 units; unit selling price $81. 2. 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. 3. Selling and administrative expenses: $149,000. 4. Income taxes: 25% of income before income taxes Prepare a budgeted Income statement for 2020. KALVEN COMPANY Budgeted Income Statement For 2020