Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (320 units @ $690 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits $220,800 23,000 26,600 66,100 23,000 $138,700 $ 82,100 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 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.) 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