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the last tour quarters tollOw Second Quarter $ 207,000 103,500 103,500 Third Quarter 217,000 108,500 108,500 First Fourth Quarter 177,000 Quarter 267,000 133,500 133,50e Total $868,000 434,e00 434,000 Sales revenue Cost of goods sold Gross profit Selling & administrative expenses 88,500 88,500 17,76 20,700 21,70e 26,700 86,800 $ 82,800 $ 86,800 $70,800 $106,800 $347,200 Net income Historically, cost of goods sold is about 50 percent of sales revenue. Selling and administrative expenses are about 10 percent of sales revenue. Fred Arvada, the chief executive officer, told Mr. Long that he expected sales next year to be 15 percent for each respective quarter above last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she believed sales growth would be only 10 percent Required a. Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate b. Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks's estimate. b. Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks's estimate. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate. Second Quarter Fourth Quarter Total First Quarter Third Quarter Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Required A Required B b. Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks's estimate. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks's estimate. Total Second Quarter Fourth Quarter First Quarter Third Quarter Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income