Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement i available for October: Sales revenues (440 units@S720 per unit) Less $316,800 Manufacturing costs Variable costs Depreciation (fixed) 23,000 26,300 Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) 65,400 Total costs Operating profits $ 179,500 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 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 0) Less Marketing and Administrative Total marketing and administrative costs S 0)