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3. Farooq Company has accumulated the following budget data for the year 2020. Sales: 120,000 units, unit selling price $90. Cost of one unit of finished goods: Direct materials 3 pounds at $5 per poun hours at $6 per hour, and manufacturing overhead $7 per direct labor hour. Selling and administrative expenses: $750,000. Income taxes: 30% of income before income taxes. Instructions a) Prepare a schedule showing the computation of cost of goods sold for 2020 b) Prepare a budgeted income statement for 2020