Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October $365,480 Sales revenue (580 units 5630 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (Fixed) Total costs Operating profits 28,000 25,900 65,300 24,200 $143,400 $222,000 Sales volume is expected to increase by 30 percent in November, but the sales price is expected to fall 10 percent. Variable manufacturing costs are expected to increase by 2 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.) CYCLE 1 Required: Prepare a budgeted income statement for November. (Do not CYCLE-1 Budgeted Income Statement For the month of November Less Manufacturing costs: Total manufacturing costs Less Marketing and Administrative Total marketing and administrative costs