E9-29A (similar to) Question Help Alderman 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 sales will increase by 7% in quarter 1, by another 3% in quarter 2, by another 5% in quarter 3, and by another 4% in quarter 4. Management expects cost of goods sold to be 40% of revenues every quarter, while operating expenses should be 25% of revenues during each of the first two quarters, 35% of revenues during the third quarter, and 20% during the fourth quarter. Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year. Alderman Motors Budgeted Income Statement For the Upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Sales Less: Cost of goods sold Gross profit Enter any number in the edit fields and then click Check