Vaughn Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 496,000 248,000 $25 $30 37,200 18,600 31,000 12,400 Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: 2 3 37,200 12,400 49,600 18,600 $3 $4 Direct labor time per unit 0.4 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $694,400 for product B 50 and $446,400 for product JB 60, and administrative expenses of $669,600 for product JB 50 and $421,600 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20% Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). VAUGHN INC. Budgeted Income Statement For the Year Ending December 31, 2022 JB 50 JB 60 Total Sales 12400000 7440000 $ 198400 Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Total Operating Expenses $ $ Interest Expense Income before Income Taxes Income Tax Expense Net Income /(Loss)