The management at Iverness Manufacturing feels confident

The management at Inverness Manufacturing feels confident about the company's prospect in the current year (year 2). Sales in the first quarter were one-third ahead of last year, and the sales department predicted that this rate would continue throughout the entire year. The controller asked the budget team to prepare a draft forecast for the year and to analyze the differences from last year's results. They decided to base the forecast on actual results obtained in the first quarter plus the expected costs of production to be completed in the remainder of the year. They worked with various department heads (production, sales, and so on) to get the necessary information. The results of these efforts follow: Adjustments for the change in inventory and for income taxes have not been made. The scheduled production for this year is 225,000 units, and planned sales volume is 200,000 units. Sales and production volume was 150,000 units last year. The company uses a fullabsorption costing and FIFO inventory system and is subject to a 20 percent income tax rate. The actual income statement for last year follows: Required: Prepared a budgeted income statement and balance sheet for year 2 . Complete this question by entering your answers in the tabs below. Prepared a budgeted balance sheet. Note: Do not round intermediate calculations. \begin{tabular}{|l|ll|} \hline & & \\ \hline Total shareholders' equity & & 0 \\ \hline Total liabilities and shareholders' equity & $ & 0 \\ \hline \end{tabular} Budgeted Inc Stmt for Year 2 Buringeri Batanc The management at Inverness Manufacturing feels confident about the company's prospect in the current year (year 2). Sales in the first quarter were one-third ahead of last year, and the sales department predicted that this rate would continue throughout the entire year. The controller asked the budget team to prepare a draft forecast for the year and to analyze the differences from last year's results. They decided to base the forecast on actual results obtained in the first quarter plus the expected costs of production to be completed in the remainder of the year. They worked with various department heads (production, sales, and so on) to get the necessary information. The results of these efforts follow: Adjustments for the change in inventory and for income taxes have not been made. The scheduled production for this year is 225,000 units, and planned sales volume is 200,000 units. Sales and production volume was 150,000 units last year. The company uses a fullabsorption costing and FIFO inventory system and is subject to a 20 percent income tax rate. The actual income statement for last year follows: Required: Prepared a budgeted income statement and balance sheet for year 2 . Complete this question by entering your answers in the tabs below. Prepared a budgeted balance sheet. Note: Do not round intermediate calculations. \begin{tabular}{|l|ll|} \hline & & \\ \hline Total shareholders' equity & & 0 \\ \hline Total liabilities and shareholders' equity & $ & 0 \\ \hline \end{tabular} Budgeted Inc Stmt for Year 2 Buringeri Batanc