Budgeted Income Statement:  Hang On, Inc. is a manufacturer that...

Budgeted Income Statement: Hang On, Inc. is a manufacturer that makes one product.  It provided the following information to help prepare the master budget for the upcoming month of December:

 

• The budgeted selling price per unit is $108. Budgeted unit sales for the month is 32,900 units.
• Each unit of finished goods requires 7 pounds of raw materials. The raw materials cost $5.80 per pound.
• The direct labor wage rate is $18.00 per hour. Each unit of finished goods requires 0.8 direct labor-hours.
• Manufacturing overhead is entirely variable and is $4.60 per direct labor-hour.
• The variable selling, general and administrative expense per unit sold is $2.50. The fixed selling, general and administrative expense per month is $109,750.
• Interest expense for December is $1,030.
• Income tax will be assessed at 25% in the month of December and paid in the following month.

 

Prepare the budgeted income statement for the firm for the month of December