E9-27A (similar to) Question Help elding Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,100,000. Suppose management projects that its current year's quarterly ales will increase by 6% in quarter 1, by another 2% in quarter 2, by another 7% in quarter 3, and by another 4% in quarter 4. Management expects cost of goods old to be 40% of revenues every quarter, while operating expenses should be 20% of revenues during each of the first two quarters, 25% of revenues during the Chird quarter, and 35% during the fourth quarter. Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year. Prepare the first portion of the budgeted income statement through gross profit, then complete the statement. (Round the amounts to the nearest whole dolar) Year Fielding Motors Budgeted Income Statement For the upcoming Year Quarter 1 Quarter 2 Quarter 3 $ 4,346,000 442800 471500 1,738,400 (1771200) (1886000) 2,607,600 2656800 2829000 Quarter 4 4879000 (1951600) 2927400 18368000 (7347200) 11020800 Sales Less: Cost of goods sold Gross profit Enter any number in the edit fields and then click Check Answer Clear All 1 Part remaining