Data Table Avery Company Budgeted Income Statement For the Quarter Ended March 31, 2016 January February March Total 25,000$ 2,500 22,500 3,250 19,250 1,925 17,325 S 30,000$ 3,000 27,000 3,600 23,400 2.340 21,060 S 36,000$ 3,600 32,400 4,020 28,380 2,838 25,542 S 91,000 9,100 81,900 10,870 71,030 7,103 63,927 (20% increase per month) $ Sales Revenue Cost of Goods Sold Gross Profit S and A Expenses Operating Income Income Tax Expense Net Income (10% of sales) ($1,500 + 7% of sales) (10% of operating income)