Boyle Sutton manufactures a specialty precision scale. For January, the company expects to sell 1,400 scales at an average price of $2,360 per unit. The average manufacturing cost of each unit sold is $1,440. Variable operating expenses for the company will be $1.40 per unit sold and fixed operating expenses are expected to be $7,100 for the month. Monthly interest expense is $3,900. The company has a tax rate of 20% of income before taxes. Prepare Boyle Sutton's budgeted income statement for January. Boyle Sutton Budgeted Income Statement For the Month Ended January 31 Sales Less: Cost of goods sold Gross profit Less: Operating expenses Variable portion Fixed portion Operating income Less: Interest expense Less: Income tax expense Net income