ABC Company produced and sold only one product called Kiwi. The following information for the most recent fiscal year is available:

Sales Revenue $1,400,000

Variable manufacturing costs $610,000

Fixed manufacturing costs $243,000

Variable selling costs $65,500

Fixed selling costs $54,000

Variable administrative costs $184,500

Fixed administrative costs $108,000 T

he budgeted revenue for the next year is higher by 7.20% compared to last year. What is the percentage increase in income for next year compared to this year? (show work)