Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October $ 253,500 Sales revenue (390 units @ $650 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 23,000 27,400 66,900 22,600 $139,900 $113,600 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 th 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 $ 0 Less Marketing and Administrative $ 0 Total marketing and administrative costs $ 0