comple Cycle 1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October 5359,900 31 Sales revenue (590 units @ 5610 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 24,000 26,900 67,500 22 $101, $211, Sales volume is expected to increase by 20 percent in November, but the sales price is expected to fall 5 percent. Variable manufacturing costs are expected to increase by 2 percent per unit in November . In addition to these cost changes, variable manufacturing costs also will change with sales volume Marketing and administrative cash costs are expected to increase by 5 percent Cycle 1 operates on a cash basis and maintains no inventories. Depreciation is fixed and should remain unchanged over the next three years. Required: Prepare a budgeted income statement for November (Do not round intermediate calculations.) Answer is not complete CYCLES X Answer is not complete. CYCLE-1 Budgeted Income Statement For the month of November $ 410,286 Sales revenue Less Manufacturing costs: Variable costs Depreciation (fixed) $ 29,376 26,900 Total manufacturing costs S 56,276 354,010 $ Less Marketing and Administrative Fixed costs (cash) Depreciation (fixed) Total marketing and administrative costs Operating profit 71,190 22,300 $ 93.490 $ 260,520