Waterway 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: 512,000 256,000 Anticipated volume in units Unit selling price $30 $35 Production budget: 38,400 19,200 Desired ending finished goods units Beginning finished goods units 32,000 12,800 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 38,400 12,800 Beginning direct materials pounds 51,200 19,200 Cost per pound $3 $4 Direct labor budget: 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 $716,800 for product JB 50 and $460,800 for product JB 60, and administrative expenses of $691,200 for product JB 50 and $435,200 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). WATERWAY INC. Budgeted Income Statement For the Year Ending December 31, 2022 JB 50 JB 60 Total $ 15,360,000 $ 8,960,000 $ 24,320,000 $ $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit