Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (550 units @ $640 per unit) Less Manufacturing costs $352,000 Variable costs 24,000 Depreciation (fixed) 25,600 Marketing and administrative costs Fixed costs (cash) 66,700 Depreciation (fixed) 22,100 Total costs Operating profits $138,400 $213,600 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 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.) Less CYCLE-1 Budgeted Income Statement For the month of November Manufacturing costs: Total manufacturing costs 0 S 0 Less Marketing and Administrative Total marketing and administrative costs S 0 $ 0