Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenues (400 units Less $610 per unit) $ 244,000 Manufacturing costs Variable costs Depreciation (fixed) 25,000 27,000 Marketing and administrative costs 65,200 25,000 $142,200 $ 101,800 Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 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 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 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 calculations.) CYCLE-1 Budgeted Income Statement For the month of November Sales revenue $ 292,800 Less Manufacturing costs Variable costs $ (25,000) (27,000) Depreciation (fixed) $ (52,000) $ 240,800 Total manufacturing costs Gross profit margin Less Marketing and Administrative Fixed costs (cash) Depreciation (fixed) $ (65,200) (25,000) Total marketing and administrative costs Operating profit (90,200) 150,600 $