Shown below are the totals from period budgets of Fitzwater Corporation for the current year:

Revenue budget $100,000

Materials usage from production budget 15,000

Labor cost budget 20,000

Manufacturing overhead budget 20,000

General and administrative budget 30,000

Capital expenditure budget 20,000

Work in Progress Inventories:

Beginning of Year 10,000

End of Year 5,000

Finished Goods Inventory:

Beginning of Year 15,000

End of Year 10,000

Tax Rate 40%

Prepare a forecasted Income Statement for the current year: