Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October:

Sales revenue (510 units @ $790 per unit)	$	402,900
Less
Manufacturing costs
Variable costs		27,000
Depreciation (fixed)		26,200
Marketing and administrative costs
Fixed costs (cash)		66,300
Depreciation (fixed)		22,500
Total costs	$	142,000
Operating profits	$	260,900

Sales volume is expected to increase by 10 percent in November, but the sales price is expected to fall 10 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.)