Aaron Enterprises reports the year-end information from 2014 as follows _____.

Sales (100,000 units)	$250,000
Less _____. cost of goods sold	150,000
Gross profit	100,000
Operating expenses (includes $10,000 of depreciation)	60,000
Net income	$ 40,000

Aaron is developing the 2015 budget. In 2015, the company would like to increase selling prices by 12%, and as a result expects a decrease in sales volume of 4%. Cost of goods sold as a percentage of sales is expected to increase to 65%. Other than depreciation, all operating costs are variable. Prepare a budgeted income statement for 2015. (Points : 20)

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