Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (390 units @ $620 per unit) $ 241,800 Less Manufacturing costs Variable costs 28,000 Depreciation (fixed) 27,700 Marketing and administrative costs Fixed costs (cash) 66,500 Depreciation (fixed) 22,400 Total costs $ 144,600 Operating profits $ 97,200 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.

Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: 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.) \begin{tabular}{|l||l||} \hline \multicolumn{1}{|c|}{ CYCLE-1 } & \\ \hline \multicolumn{1}{|c||}{ Bor the month of November } \\ \hline Sales revenue & \\ \hline Less & \\ \hline Manufacturing costs: & \\ \hline Variable costs & \\ \hline Depreciation (fixed) & \\ \hline \hline Total manufacturing costs & $ \\ \hline Gross profit margin & $ \\ \hline Less & \\ \hline Marketing and Administrative & \\ \hline Fixed costs (cash) & \\ \hline \end{tabular}