Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: $318,000 23,000 26,800 Sales revenue (530 units @ $600 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 65,400 24,300 $139,500 $178,500 Sales volume is expected to increase by 20 percent in November, but the sales price is expected to fall 10 percent. Variable manufacturing costs are expected to increase by 4 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 5 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 CYCLE-1 Budgeted Income Statement For the month of November Less Manufacturing costs: Total manufacturing costs $ 0 $ 0 Less Marketing and Administrative Total marketing and administrative costs $ 0 $ 0