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The results of operations for the Beca Manufacturing Company for the fourth quarter of 2020 were as follows:

Sales					$	693,000
Less variable cost of sales						425,000
Contribution margin						268,000
Less fixed production costs		$	142,000
Less fixed selling and administrative expenses			67,000			209,000
Income before taxes						59,000
Less taxes on income						23,600
Net income					$	35,400

Note: Beca Manufacturing uses the variable costing method. Thus, only variable production costs are included in inventory and cost of goods sold. Fixed production costs are charged to expense in the period incurred. The companys balance sheet as of the end of the fourth quarter of 2020 was as follows:

Assets:
	Cash		$	197,000
	Accounts receivable			268,000
	Inventory			492,000
	Total current assets			957,000
	Property, plant, and equipment			559,000
	Less accumulated depreciation			134,000
Total assets			$	1,382,000
	Liabilities and owners equity:
	Accounts payable		$	75,800
	Common stock			685,000
	Retained earnings			621,200
	Total liabilities and owners equity		$	1,382,000

Additional information:

1.		Sales and variable costs of sales are expected to increase by 12 percent in the next quarter.
2.		All sales are on credit with 60 percent collected in the quarter of sale and 40 percent collected in the following quarter.
3.		Variable cost of sales consists of 40 percent materials, 40 percent direct labor, and 20 percent variable overhead. Materials are purchased on credit. Fifty percent are paid for in the quarter of purchase, and the remaining amount is paid for in the quarter after purchase. The inventory balance is not expected to change. Also, direct labor and variable overhead costs are paid in the quarter the expenses are incurred.
4.		Fixed production costs (other than $10,000 of depreciation expense) are expected to increase by three percent. Fixed production costs requiring payment are paid in the quarter they are incurred.
5.		Fixed selling and administrative costs (other than $8,000 of depreciation expense) are expected to increase by two percent. Fixed selling and administrative costs requiring payment are paid in the quarter they are incurred.
6.		The tax rate is expected to be 20 percent. All taxes are paid in the quarter they are incurred.
7.		No purchases of property, plant, or equipment are expected in the first quarter of 2021.

Please help complete the below Budget Income Statement. It is a Budget income statement in the below format, it does have drop down choices off to the side of the following options: Income before taxes; Net Income/(LOSS); Fixed selling and administrative costs; Contribution margin, Taxes on income; Variable cost of sales; Sales; fixed product costs. Finally you can choose Less or add. - Please show your work.

Prepare a budgeted income statement for the first quarter of 2021. Beca Manufacturing Company Budgeted Income Statement For the Quarter Ended March 31, 2021 Sales $ Less : Variable cost of sales Contribution margin $ $

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