Vaughn Company has accumulated the following budget data for the year 2022. 1 Sales: 31,320 units, unit selling price $85. 2 Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $7 per direct labor hour. 3 Inventories (raw materials only): beginning, 10,300 pounds; ending. 15,190 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 20% of income before income taxes. Prepare a schedule showing the computation of cost of goods sold for 2022. VAUGHN COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2022 Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total $ 5 +A $ 36 21 22 42 62 Cost of Goods Sold $ 1941840 i Prepare a budgeted multiple-step income statement for 2022. FULTZ COMPANY Budgeted Income Statement For the Year Ending December 31, 2022 Sales Cost of Goods Sold Gross Profit $ 2662200 1941840 720360 Selling and Administrative Expenses 170000 550360 110072 440288