Below is the actual monthly sales data for Company Z for the most recent year:

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Total Gross Sales $38,00041,00046,00056,00060,00071,00053,00053,00045,00037,00039,00031,000570,000$

Use the following information to prepare a Forecasted Monthly Income Statement $($be sure to

prepare each line of this income statement by month and then add up the annual total of each

line$--$in the answers below, you will only be inputting the annual total amount for each income

statement line$).$ Round any percentages to $4$ decimal places $($example: $14\mathrm{.}51\%)$ and round all

dollars to whole dollars, no cents $($example $$400\mathrm{.}56$ would round to $$401)$:

$$ Assume that ABC Company expects a $10\%$ increase in gross sales in the coming

year $(10\%$ more than the $$570,000$ it had in the past year$).$ Prepare its monthly

gross sales forecast, assuming the company breaks its gross sales down by

month using the same percentages as the actual gross sales from the past year.

$$ ABC Company$$s cost of goods sold last year was $60\%$ of net sales. It anticipates

that this will be the same in the coming year.

$$ Its sales returns and allowances are small, normally $1\%$ of gross sales.

$$ Rent expense is $$1,000$ per month. However, the landlord has indicated that rent

will go up to $$1,250$ in the fourth quarter.

$$ Depreciation expense is $$2,250$ per month and does not change throughout the

year.

$$ Salaries expense is $$1,500$ per month and is expected to go up by $10\%$ in the

second half of the year, when a new compensation plan will be implemented.

$$ Utilities expense is $$5,400$ for the entire year and should be allocated to each

month based on that month$$s percentage of forecasted annual gross sales.

$$ Interest expense is $$500$ per month.

$$ Income tax is $25\%$ of operating income less interest expense.

Input the annual total of the following line items $($answer format: x$,$xxx$)$:

Gross Sales $\_\_\_\_\_\_\_\_\_\_\_\_\_$

Sales Returns & Allowances $\_\_\_\_\_\_\_\_\_\_$

Net Sales $\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Cost of Goods Sold $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ Gross Margin $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Rent Expense $\_\_\_\_\_\_\_\_\_\_\_\_\_$

Depreciation Expense $\_\_\_\_\_\_\_\_\_\_$

Salaries Expense $\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Utility Expense $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Operating Income $\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Interest Expense $\_\_\_\_\_\_\_\_\_\_\_\_$

Income Tax Expense $\_\_\_\_\_\_\_\_\_\_$

Net Income $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$