AME ENGAGE English (en) Revenues $810,000 Cost of Goods Sold $480,000 Gross Profit $330,000 Expenses: Administrative Costs $25,000 Selling Costs $15,000 Salaries $103,000 Rent $26,000 Total Expenses $169,000 Net Income $161,000 Salaries are comprised of $65,000 in manager's salaries and $38,000 in office employees' salaries Alpha Hardware is a small business and it does not intend to spend a lot of time and money on budgeting. The manager has determined the 2021 budgeted income statement should simply reflect the following predicted changes from the 2020 income statement: Revenues will increase by 3% Gross profit will increase by 4% ing costs will decrease by 4% Managers' salaries will increase by 5% Administrative costs, office employees' salaries, and rent expense will remain the same Budgeted Income Statement For the Year Ended November 30, 2021 Budgeted Revenues $24300 Budgeted Cost of Goods Sold $ Budgeted Gross Profit Budgeted Expenses: Administrative Costs Selling Costs Salaries Rent Total Budgeted Expenses Budgeted Net Income 1 14 $ $ $ X