Bentfield Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,400,000. Suppose manage 3% in quarter 3, and by another 4% in quarter 4. Management expects cost of goods sold to be 55% of revenues every the third quarter, and 25% during the fourth quarter. 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 Bentfield Motors Budgeted Income Statement For the upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Sales Less: Cost of goods sold Gross profit Enter any number in the edit fields and then click Check Answer. se management projects that its current year's quarterly sales will increase by 7% in quarter 1, by another 5% in quarter 2, by a nues every quarter, while operating expenses should be 30% of revenues during each of the first two quarters, 20% of revenues t. (Round the amounts to the nearest whole dollar.)