Budgeted Income Statement with CVP Assume Barnes & Noble is planning a budget for one of its stores. The estimate of sales revenue is $2,000,000 and of cost of goods sold is 70% of sales revenue. Depreciation on the office building and fixtures is budgeted at $36,000. Salaries and wages are budgeted at $375,000. Advertising has been budgeted at $12,000, and other operating costs should amount to $15,000. Income tax is estimated at 20% of operating income. Required a. Prepare a budgeted income statement for next year Use a negative sign only to indicate a net loss for income. Otherwise, do not use negative sings with your answers. Barnes & Nobles Budgeted Income Statement Next Year $ Sales Cost of goods sold Gross margin Sales and administrative expenses Depreciation Wages and salaries Advertising Other operating costs Net income before taxes Income taxes Net Income (loss) $ b. Assuming management desired an after-tax income of $150,000, determine the necessary sales volume. $