CH7 Q7

The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $560,000 Sales 567,924 Purchases 294,826 Ending Inventory* 10% Administrative Salaries 50,320 Marketing Expense** 5% Sales Commissions 2% RentExpense7,700 Depreciation Expense 900 Utilities 2,300 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 Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020