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Budgeted income statement and supporting budgetsThe budget director of Gold Medal Athletic Co$.,$ with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March:a$.$ Estimated sales for March: Batting helmet $1,200$ units at $$40$ per unit Football helmet $6,500$ units at $$160$ per unitb. Estimated inventories at March $1$:Direct materials: Plastic $90$ lbs$.$ Foam lining $80$ lbs$.$Finished products: Batting helmet $40$ units at $$25$ per unit Football helmet $240$ units at $$77$ per unitc. Desired inventories at March $31$:Direct materials: Plastic $50$ lbs$.$ Foam lining $65$ lbs$.$Finished products: Batting helmet $50$ units at $$25$ per unit Football helmet $220$ units at $$78$ per unitd. Direct materials used in production:In manufacture of batting helmet: Plastic $1\mathrm{.}2$ lbs$.$ per unit of product Foam lining $0\mathrm{.}5$ lb$.$ per unit of productIn manufacture of football helmet: Plastic $3\mathrm{.}5$ lbs$.$ per unit of product Foam lining $1\mathrm{.}5$ lbs$.$ per unit of producte. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $$6$ per lb$.$ Foam lining $$4$ per lb$.$f$.$ Direct labor requirements:Batting helmet: Molding Department $0\mathrm{.}2$ hr$.$ at $$20$ per hr$.$ Assembly Department $0\mathrm{.}5$ hr$.$ at $$14$ per hr$.$Football helmet: Molding Department $0\mathrm{.}5$ hr$.$ at $$20$ per hr$.$ Assembly Department $1\mathrm{.}8$ hrs$.$ at $$14$ per hr$.$g$.$ Estimated factory overhead costs for March:Line Item DescriptionAmountIndirect factory wages$$86,000$Depreciation of plant and equipment$12,000$Power and light$4,000$Insurance and property tax$2,300$h$.$ Estimated operating expenses for March:Line Item DescriptionAmountSales salaries expense$$184,300$Advertising expense$87,200$Office salaries expense$32,400$Depreciation expenseoffice equipment$3,800$Telephone expenseselling$5,800$Telephone expenseadministrative$1,200$Travel expenseselling$9,000$Office supplies expense$1,100$Miscellaneous administrative expense$1,000$i$.$ Estimated other revenue and expense for March:Line Item DescriptionAmountInterest revenue$$940$Interest expense$872$j$.$ Estimated tax rate: $30\%$Prepare a budgeted income statement for March.

Gold Medal Athletic Co$.$

Budgeted Income Statement

For the Month Ending March $31$

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