Budgeted income statement The following budget information is available for Sluyter Corp. for May: - Sales are expected to be $480,000. All sales are on account, and a provision for bad debts is accrued monthly at 3 percent of sales. - Inventory was $42,000 on April 30, and an increase of $12,000 is planned for May. - All inventory is marked to sell at cost plus 60 percent. - Estimated cash disbursements for selling and administrative expenses for the month are $66,000. - Depreciation for May is projected at $9,600. Prepare a budgeted income statement for Sluyter Corp. for May. Note: Do not use negative signs with your answers