Cymbal E-Motors is a fast-growing start-up firm that manufactures electric motors for bicycles. The following income statement is available for April:

Sales revenue (720 units @ $400 per unit)	$ 288,000
Less
Manufacturing costs
Variable costs	57,600
Depreciation (fixed)	46,000
Marketing and administrative costs
Fixed costs (cash)	120,500
Depreciation (fixed)	54,000
Total costs	$ 278,100
Operating profits	$ 9,900

Sales volume is expected to increase by 30 percent in May, but the sales price is expected to fall 5 percent. Variable manufacturing costs are expected to increase by 7.5 percent per unit in May. 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 15 percent.

All revenues and costs at Cymbal are cash transactions, except for depreciation. Cymbal maintains no inventories. Depreciation is fixed and is forecast to remain unchanged in the next six months.

Required:

Prepare a budgeted income statement for May.