Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: $ 446,600 26,000 27,200 Sales revenue (580 units @ $770 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 65,500 23, 200 $141, 900 $ 304,700 Sales volume is expected to increase by 30 percent in November, but the sales price is expected to fall 5 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 Budgeted Income Statement For the month of November Sales revenue $ 551,551 Less Manufacturing costs: Variable costs Depreciation (fixed) 27,200 27,200 $ $ 524,351 Total manufacturing costs Gross profit margin Less Marketing and Administrative Depreciation (fixed) Fixed costs (cash) $ 23,200 23,200 Total marketing and administrative costs Operating profit $ $ 501,151