Donna Tse has recently accepted the position of assistant manager at Cycle World, a bicycle store in St. Louis. She has just finished her accounting courses. Cycle World's manager and owner, Jeff Towry, asks Tse to prepare a budgeted income statement for 20x8 based on the information he has collected. Tse's budget follows: Cycle World Budgeted Income Statement For the Year Ended July 31, 20X8 Net Sales Revenue $244.000 Cost of Goods Sold 177,000 Gross Profit 67,000 Selling and Administrative Expenses: Salaries and Commissions Expense $ 46,000 Rent Expense 8,000 Depreciation Expense 2,000 Insurance Expense 800 at Miscellaneous Expense 12.000 68,800 Operating Loss (1,800) Interest Expense (225) Rent Expense 8,000 Depreciation Expense 2.000 Insurance Expense 800 Miscellaneous Expense 12,000 68,800 Operating Loss (1.800) Interest Expense (225) Net Income (Loss) $(2,025) Tse does not want to give Towry this budget without making constructive suggestions for steps Towry could take to improve expected performance Assume the role of Donna Tse. Write a memo to Towry outlining your suggestions