Sheffield Company has accumulated the following budget data for the year 2022.

Prepare a budgeted multiple-step income statement for 2022.

FULTZ COMPANY Budgeted Income Statement choose the accounting period For the Quarter Ending December 31, 2022For the Year Ending December 31, 2022December 31, 2022
enter an income statement item Income Tax ExpenseCost of Goods SoldIncome from OperationsSelling and Administrative ExpensesPurchasesBeginning InventoryNet Income / (Loss)Operating ExpensesSalesEnding InventoryTotal Operating ExpensesIncome before Income TaxesGross Profit		$enter a dollar amount
enter an income statement item Beginning InventoryIncome from OperationsSelling and Administrative ExpensesOperating ExpensesIncome before Income TaxesEnding InventoryIncome Tax ExpenseGross ProfitPurchasesCost of Goods SoldSalesTotal Operating ExpensesNet Income / (Loss)		enter a dollar amount
select a summarizing line for the first part Income before Income TaxesNet Income / (Loss)Operating ExpensesBeginning InventorySalesCost of Goods SoldIncome from OperationsEnding InventoryIncome Tax ExpensePurchasesSelling and Administrative ExpensesTotal Operating ExpensesGross Profit		enter a total amount for the first part
enter an income statement item SalesSelling and Administrative ExpensesPurchasesNet Income / (Loss)Total Operating ExpensesIncome before Income TaxesEnding InventoryIncome Tax ExpenseIncome from OperationsGross ProfitCost of Goods SoldOperating ExpensesBeginning Inventory		enter a dollar amount
select a summarizing line for the second part Selling and Administrative ExpensesGross ProfitIncome before Income TaxesIncome from OperationsEnding InventoryOperating ExpensesNet Income / (Loss)SalesCost of Goods SoldBeginning InventoryPurchasesTotal Operating ExpensesIncome Tax Expense		enter a total amount for the second part
enter an income statement item Income before Income TaxesTotal Operating ExpensesPurchasesBeginning InventoryIncome Tax ExpenseInterest ExpenseEnding InventoryNet Income / (Loss)Income from OperationsGross ProfitSelling and Administrative ExpensesSalesCost of Goods Sold		enter a dollar amount
select a summarizing line for the third part Total Operating ExpensesIncome from OperationsNet Income / (Loss)Cost of Goods SoldEnding InventorySelling and Administrative ExpensesIncome before Income TaxesOperating ExpensesIncome Tax ExpenseSalesPurchasesGross ProfitBeginning Inventory		enter a total amount for the third part
enter an income statement item Income before Income TaxesSelling and Administrative ExpensesSalesGross ProfitTotal Operating ExpensesOperating ExpensesEnding InventoryBeginning InventoryCost of Goods SoldIncome Tax ExpenseIncome from OperationsNet Income / (Loss)Purchases		enter a dollar amount
select a closing name for this statement Beginning InventoryIncome before Income TaxesNet Income / (Loss)PurchasesTotal Operating ExpensesSelling and Administrative ExpensesCost of Goods SoldGross ProfitOperating ExpensesEnding InventoryIncome from OperationsIncome Tax ExpenseSales		$enter a total net income or loss amount

1.		Sales: 31,410 units, unit selling price $85.
2.		Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $7 per direct labor hour.
3.		Inventories (raw materials only): beginning, 10,120 pounds; ending, 15,480 pounds.
4.		Selling and administrative expenses: $170,000; interest expense: $30,000.
5.		Income taxes: 20% of income before income taxes.