Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: $ 380,800 25,000 26,300 Sales revenues (560 units @ $680 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 65,400 24,800 $ 141,500 $ 239,300 Sales volume is expected to increase by 30 percent in November, but the sales price is expected to fall 5 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 10 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.) CYCLE-1 Budgeted Income Statement For the month of November Less Manufacturing costs: Total manufacturing costs Less Marketing and Administrative Total marketing and administrative costs