Vaughn Company has budgeted the following for the year ended December 31, 2022: 1. Sales: 50,800 units; unit selling price $74. 2. Cost of one unit of finished goods: direct materials, 2 kg at $4 per kilogram; direct labour, 4 hours at $12 per hour; and manufacturing overhead, $2 per direct labour hour. 3. Selling and administrative expenses: $164,000. 4. Income taxes: 25% of income before income taxes. Prepare a budgeted income statement for the year ended December 31, 2022. VAUGHN COMPANY Budgeted Income Statement For the Year Ended December 31, 2022 Sales 3759200 Cost of goods sold Gross profit Selling and administrative expenses Net income before income taxes Income taxes Net income $