The following budgeted information is available regarding Pants Inc. for January . Sales of $250,000. All sales are collected in the month of sale. . . Production of 10,000 units at a cost of $20 per unit. Direct material purchases of 5,000 units at a cost of $10 per unit. All 5,000 units will be used in production. All purchases are paid for in the month of purchase. 2,000 hours of direct labor at $25 per hour. Ending finished goods inventories of $40,000. Manufacturing overhead of $100,000, including depreciation of $80,000. SG&A of $50,000, including depreciation of $10,000. No other cash outflows. Balance sheet as of December 31: Cash Finished goods PP&E, net 120,000 Common stock 250,000 24,000 Retained earnings 810,000 916,000 Total liabilities & SE 1,060,000 Total assets 1,060,000 Provide the budgeted income statement and balance sheet for January.