Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (300 units @ $600 per unit) $ 180,000 Less Manufacturing costs Variable costs 26,000 Depreciation (fixed) 27,540 Marketing and administrative costs Fixed costs (cash) 67,500 Depreciation (fixed) 22,860 Total costs $ 143,900 Operating profits $ 36,100 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 8 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.)