Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October. $317,200 22.000 26,400 Sales revenue (520 units @ $610 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 67,30 22,100 $137,888 $179,480 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 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 Less Manufacturing costs Total manufacturing costs Less Marketing and Administrative Total marketing and administrative costs