Sheridan Company has budgeted the following for the year ended December $31,2022$:

Sales: $50,900$ units; unit selling price $$75.$

Cost of one unit of finished goods: direct materials, $2kg$ at $$4$ per kilogram; direct labour, $4$ hours at $$12$ per hour; and manufacturing overhead, $$2$ per direct labour hour.

Selling and administrative expenses: $$159,000.$

Income taxes: $25\%$ of income before income taxes.

Prepare a budgeted income statement for the year ended December $31,2022.$

SHERIDAN COMPANY

Budgeted Income Statement

For the Year Ended December $31,2022$