Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October $234, see Sales revenue (35e units @ $67e per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 27,000 26,600 67.100 24,300 $145, eee $ 89,500 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. vartable 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.) CYCLE Budgeted Income Statement For the month of November Sales revenge Manutacturing costs Variable costs Depreciation 0 Total manufacturing costs Oros protag Less Maning and me Fortsch Deontod Tomating and me Operating pro 5 . 3