Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (310 units @ $730 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) $226,300 26,000 25,900 Marketing and administrative costs 66,900 24,400 $143,200 Fixed costs (cash) Depreciation (fixed) Total costs Operating profits $ 83,100 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 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 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.)