8 Chuck my work Calgary Industries is preparing a budgeted income statement. Predicted sales for the year are $745,000 and cost of goods sold is 40% of sales. The expected selling expenses are $82,500 and the expected general and administrative expenses are $91,500, which includes $24,500 of depreciation. The company's income tax rate is 30% Budgeted net income is Multiple Choice $447,000 $191300 $273,000