5.00 points Executive Solutions is a strategy consulting firm. Other than the senior leadership (who manage the firm, but do not actively consult), the managers and staff are billed to clients on an hourly basis. The workload varies quite a bit from month to month requiring careful planning Managers are billed to clients at a rate of $940 per hour and staff at a rate of $470 per hour. Managers are paid $265 per hour worked (including nonbillable time) and staff are paid $145 per hour. The current plan calls for managers to bill 1,240 hours in May and 790 hours in June. Staff are expected to bill 6,480 hours in May and 4,580 hours in June Managers will work a total of 2,480 hours in both months and staff will work a total of 9,680 hours in both months Other monthly costs (all fixed) are $552,000 SG&A, $227,000 in depreciation, and $352,000 in marketing Required Prepare a budgeted income statement for Executive Solutions for May and June (separately). Budgeted Income Statement June Managers Staff Total revenue Total SG&A Total expenses Income (Loss)