Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: 249.60 Sales revenues (320 units @$780 per unit Less Manufacturing costs Variable costs Depreciation (fixed) 24,000 25.700 Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) 65.400 500 139 600 Total costs Operating profits 110.000 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.) Budgeted Income Statement For the month of Less Total Less Marketing and Administrative Total marketing and administrative costs