Water Filters, Inc. has accumulated the following budget data for the year 2021. 1. Sales: 35,000 units, unit selling price $82.00 . 2. Cost of one unit of finished goods: Direct materials 1.75 pounds at $6 per pound, direct labor 2.5 hours at $16 per hour, and manufacturing overhead $3 per direct labor hour. 3. Inventories (raw materials only) Beginning, 7 , 700 lbs . ending 10,500lbs. 4. Raw materials cost: $4.50 per pound. 5. Selling and administrative expenses: $63 , 200 . 6. Income taxes: 40% of income before income taxes. Instructions (a) Prepare a schedule showing the computation of cost of goods sold for 2021. (b) Prepare a budgeted income statement for 2021