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

Sales revenue (320 units @ $680 per unit)	$	217,600
Less
Manufacturing costs
Variable costs		23,000
Depreciation (fixed)		27,400
Marketing and administrative costs
Fixed costs (cash)		65,400
Depreciation (fixed)		24,200
Total costs	$	140,000
Operating profits	$	77,600

Sales volume is expected to increase by 20 percent in November, but the sales price is expected to fall 5 percent. Variable manufacturing costs are expected to increase by 4 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