Calculator The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $560,000 Sales 567,932 Purchases 294,820 Ending Inventory 10% Administrative Salaries 50,360 Marketing Expense* 5% Sales Commissions 2% Rent Expense 7,400 Depreciation Expense 1,100 Utilities 2,600 Taxes 15% of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10% Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Experts, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales 560.000 Cost of Goods Sold Beginning Inventory 56,000 Purchases 294,820 350.820 5,600 X Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Administrative Salaries 294,820 X 265,180 X 50,360 Marketing Expenses Sales Commissions 28,000 11,200 Rent Expense 7,400 Depreciation Expense Utilities 1.100 2.600 100,660 Total Operating Expenses Income From Operations 164,520 X Income Tax Expense 24,678 X Net Income 139,842 X Check My Work Previous