Step 7: Budgeted Income Statement Points Possible: 0.1 pts*15= 1.5 pts Instruction: Complete the following schedule to determine the cost of goods sold: Total Cost Element Direct Material Direct Labor Manufacturing Overhead Total Unit Cost $12.00 Product Cost per Unit Quantity 3 lbs 1 hours 1 unit Source of Data DM Budget DL Budget MOH Budget Unit Cost $4.00 $20.00 $8.70 per lb per hour per unit $20.00 $8.70 $40.70 Cost of Good Sold Total Unit Cost Units Sold Budgeted Cost of Good Sold $40.70 9,460 $385.022.00 Additional Information Interest Expenses for 2022: Income Tax Rate for 2022: * $700.00 21% Buff Company Budgeted Income Statement For the year ending December 31, 2022 Sales $637,000.00 Cost of Good Sold $385.022.00 Gross Profit $251,978.00 Selling and Administrative Expenses Income from Continues Operation Interest Expenses Income before Taxes Income Tax Expenses Net Income $53,269.70 * Income tax rate is applied to the "Income before Taxes". By multiply the income before taxes with the tax rate, you could get the income tax expneses