Sheridan Company has completed all of its operating budgets. The sales budget for the year shows 44,000 units and total sales of $ 1,980,000. The total cost of producing one unit is $ 25. Selling and administrative expenses are expected to be $ 264,000. Interest is estimated to be $ 8,800. Income taxes are estimated to be $ 176,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2022.

SHERIDAN COMPANY Budgeted Income Statement For the Year Ending December 31, 2022 Sales 1,980,000 Cost of Goods Sold Gross Profit > Net Income / (Loss) v