9 for the last four quarters follow 22 24 points Cost of goods sold Gross profit 641,200 21,900 Historically, cost of goods sold is about 70 percent of sales revenue sales revenue Fred Arvada, the chief executive officer, told Mr. Long that he expected sales next year would be only 10 percent told Mr Long that she believed sales growth g year using Mr. Arvada's b. Prepare a pro forma income stetement including quarteny budgets for the coming year using Ms. Banks's estimate