Eddie's Convenience Stores income statement for the year ended December 31, 2017, and its balance sheet as of December 31, 2017, are as follows Click the icon to view the financial statements) (Click the won to view additional information Read the requirements Requirement 1. One of the most important decisions a manager makes is the amount of twentory to purchase Show how to determine the amount of ventory to purchase in 2018 Purchases, budgeted Requirement 2. Prepare the store's budgeted income talent for 2018 orech the target comf150.000 To reach this owopowing ponses must by 3310 Eddie's Convenience Stores Budgeted Income Statement Year Ended December 31, 2018 Sales Cost of sales Gross profit Operating expens 5 150,000 Net income Data Table Eddie's Convenience Stores Income Statement Year Ended December 31, 2017 Sales $ 958.000 Cost of sales 717,000 Gross profit 241,000 Operating expenses 108,000 Net income $ 133,000 Eddie's Convenience Stores Balance Sheet December 31, 2017 Assets Liabilities and Capital Cash 39,000 Accounts payable Inventories 65.000 Note payable Land and buildings, net 266,000 Total liabilities Owner, capital $ 370,000 Total assets Total liabilities and capital $ 28,000 185,000 213,000 157,000 370.000 Print Done More Info - The business is organized as a proprietorship, so it pays no corporate income tax The owner is budgeting for 2018 and expects sales and cost of goods sold to increase by 9%. To meet customer demand, ending inventory will need to be $84,000 at December 31, 2018. The owner hopes to earn a net income of $156,000 next year Print Done