Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,230 units, unit selling price $89.
2. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $7 per direct labor hour.
3. Inventories (raw materials only): beginning, 10,170 pounds; ending, 15,490 pounds.
4. Selling and administrative expenses: $170,000; interest expense: $30,000.
5. Income taxes: 30% of income before income taxes.
Prepare a budgeted multiple-step income statement for 2020.