Abraham Enterprises reports the year end information from 2018 as follows: Sales (100,000 units) Less: Cost of goods sold Gross profit Operating expenses (includes $20,000 of depreciation) Net income $500,000 300.000 200,000 120.000 $ 80,000 Christy is developing the 2019 budget. In 2019 the company would like to increase selling prices by 10%, and as a result expects a decrease in sales volume of 5%. Cost of goods sold as percentage of sales is expected to increase to 62%. Other than depreciation all operating costs are variable, Required: Prepare a budgeted income statement for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). : I % 1 Any