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North Company has completed all of its operating budgets. The sales budget for the year shows 50,120 units and total sales of $2,128,200. The total unit cost of making one unit of sales is $22. Selling and administrative expenses are expected to be $305,100. Interest is estimated to be $13,050. Income taxes are estimated to be $216,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2020. NORTH COMPANY Budgeted Income Statement Beginning Inventory Cost of Goods Sold Total Operating Expenses Sales Selling and Administrative Expenses Interest Expense Operating Expenses Income Before Income Taxes Net Income / (Loss) Ending Inventory Income Tax Expense Income from Operations Gross Profit Purchases