Cycle 1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October, $352,000 23,000 27,800 Sales revenue (550 units e $640 per unit) Loss Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Pixed costs (cash) Depreciation (fixed) Total costs Operating profits 66,900 23,900 $141,600 $210,400 Sales volume is expected to increase by 20 percent in November, but the sales price is expected to fall 10 percent. Variable manufacturing costs are expected to increase by 3 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