Water Filter Systems, Inc. has accumulated the following budget data for the year 2022. 1. Sales: 24,500 units, unit selling price $99. 2. Cost of one unit of finished goods: Direct materials 1.5 pounds at $4 per pound, direct labor 2.0 hours at $19 per hour, and manufacturing overhead $3 per direct labor hour. 3. Inventories (raw materials only) Beginning: 7,200lbs., Ending 8,100lbs. 4. Raw materials cost: $6 per pound. 5. Selling and administrative expenses: $44,700. 6. Income taxes: 25% of income before income taxes. Instructions (a) Prepare a schedule showing the computation of cost of goods sold for 2022. (b) Prepare a budgeted income statement for 2022.

please explain step by step, thank you