Budgeted Income Statement with CVP Madison Booksellers is planning a budget for 2018. The estimate of sales revenue is $1,600,000 and of cost of goods sold is 70 percent of sales revenue. Depreciation on the office building and fixtures is budgeted at $60,000. Salaries and wages are budgeted at $100,000. Advertising has been budgeted at $90,000, and utilities should amount to $70,000. Income tax is estimated at 40 percent of operating income. Required a. Prepare a budgeted income statement for 2018. b. Assuming management desired an after-tax income of $105,000, determine the necessary sales volume