Anderson Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,100,000. Suppose management projects that its current year's quarterly sales will increase by 66% in quarter 1, by another 22% in quarter 2, by another 77% in quarter 3, and by another 55% in quarter 4. Management expects cost of goods sold to be 40% of revenues every quarter, while operating expenses should be 30% of revenues during each of the first two quarters, 25% of revenues during the third quarter, and 20% during the fourth quarter.

sold to be 40% of revenues every quarter, while operating expenses should be 30% of revenues during each of the first two quarters goods Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year Prepare the first portion of the budgeted income statement through gross profit, then complete the statement. (Round the amounts to the ne Anderson Motors Budgeted Income Statement For the Upcoming Year Quarter 1 Quarter 2 Quarter 3Quarter 4 Year Sales Less: Cost of goods sold Gross profit