Wolsey Industries Inc. expects to maintain the same inventories at the end of 20Y3 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows: Estimated Fixed Cost Estimated Variable Cost (per unit sold) 2 Production costs: Direct materials $50.00 Direct labor 32.00 Factory overhead $190,000.00 20.00 Selling expenses: Sales salaries and commissions 101,000.00 12.00 Advertising 36,000.00 9 Travel 14,000.00 Instructions Auvertising Jo,uvu.co Travel 14,000.00 Miscellaneous selling expense 7,600.00 1.00 11 Administrative expenses: Office and officers' salaries 137,000.00 13 Supplies 11,000.00 4.00 14 Miscellaneous administrative expense 14,600.00 1.00 15 Total $511,200.00 $120.00 It is expected that 21,300 units will be sold at a price of $160 a unit. Maximum sales within the relevant range are 26,175 units. Required: 1. Prepare an estimated income statement for 20Y3. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all amounts as positive values. Wolsey Industries Inc. Score: 1077152 Estimated Income Statement For the Year Ended December 31, 2013 1 Sales $3,408,000.00 2 Cost of goods sold: 3 Direct materials $1,065,000.00 681,600.00 4 Direct labor 5 Factory overhead 426,000.00 6 Cost of goods sold 7 Gross profit 8 Expenses: 9 Selling expenses: 10 Sales salaries and commissions S $101,000.00 Advertising 36,000.00 Income Statement 9 Selling expenses: Sales salaries and commissions Advertising $101,000.00 36,000.00 14,000.00 7,600.00 Travel Miscellaneous selling expense Total selling expenses Administrative expenses: Office and officers' salaries $137,000.00 Supplies 11,000.00 Miscellaneous administrative expense Total administrative expenses 20 Total expenses 511,200.00 21 Income from operations $340,800.00