Gyro Company has the following totals from its operating budgets:
Selling and administrative expenses budget . . . . . . . . . . . . . . . . . . . . . . . . $ 244,500
Cost of goods sold budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 727,300
Sales budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,222,700
Prepare a budgeted income statement for the year ended December 31, 2011, assuming that income from operations is taxed at a rate of 30%.