Water Filter Systems, Inc. has accumulated the following budget data for the year 2020 . 1. Sales: 34,800 units, unit selling price $64. 2. Cost of one unit of finished goods: Direct materials 1.75 pounds at $4 per pound, direct labor 2.5 hours at $16 per hour, and manufacturing overhead $3 per direct labor hour. 3. Inventories (raw materials only) Beginning, 7,700lbs. ending 10,500lbs. 4. Raw materials cost: $4.50 per pound. 5. Selling and administrative expenses: $77,200. 6. Income taxes: 40% 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