Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (580 units @ $700 per unit) Less $406,000 Manufacturing costs Variable costs 23,000 Depreciation (fixed) 27,200 Marketing and administrative costs Fixed costs (cash) 66,800 Depreciation (fixed) 22,300 Total costs Operating profits $139,300 $266,700 Sales volume is expected to increase by 10 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.) Less CYCLE-1 Budgeted Income Statement For the month of November Manufacturing costs: Total manufacturing costs $ 0 $ 0 Less Marketing and Administrative Total marketing and administrative costs $ 0 $ 0