Cycle 1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October $268, 880 Sales revenue (420 units @ 5648 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 23,000 27,100 67,400 24 200 $141,700 $127,100 es Sales volume is expected to increase by 30 percent in November, but the sales price is expected to fall 10 percent. Variable manufacturing costs are expected to increase by 4 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 10 percent Cycle 1 operates on a cash basis and maintains no inventores. 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.) CYCLE-1 Budgeted Income Statement For the month of November Less Manufacturing costs: Total manufacturing costs $ 0 GA $ 0 Less Marketing and Administrative Total marketing and administrative costs GA 0 $ 0