6 Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October Sales revenue (540 units $640 per unit) $345,600 2.5 Less points Manufacturing costs Variable costs 25,000 Skipped Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) 27,000 66,900 23,800 $142,700 Depreciation (fixed) Total costs eBook $202,900 Operating profits Print Sales volume is expected to increase by 20 percent in November, but the sales price is expected to fall 5 percent. Variable manufacturing costs are expected to increase by 4 percent per unit in November. In addition to these cost changes, variable manufacturing costs also will change with sales volume. Marketing and administrative cash costs are expected to increase by 10 percent. References Cycle-1 operates on a cash basis and maintains no inventories. Depreciation is fixed and should remain unchanged over the next three years. Required: Prepare a budgeted income statement for November. (Do not round intermediate calculations.) CYCLE-1 Budgeted Income Statement For the month of November Less Manufacturing costs: Total manufacturing costs $ $ Less Marketing and Administrative Total marketing and administrative costs $ $ 0