Eddie's Convenience Stores' income statement for the year ended December 31, 2017 Click the icon to view the financial statements.) (Click the icon to view a Read the requirements. Requirement 1. One of the most important decisions a manager makes is the amount o Purchases, budgeted Requirement 2. Prepare the store's budgeted income statement for 2018 to reach the larg Eddie's Convenience Stores Budgeted Income Statement Year Ended December 31, 2018 Sales Cost of sales Gross profit Operating expenses Net income S 156,000 Choose from any list or enter any number in the input fields and then continue to the ne Data Table Eddie's Convenience Stores Income Statement Year Ended December 31, 2017 Sales $ 958,000 Cost of sales 717,000 Bad 10 Gross profit 241,000 108,000 Operating expenses $ 133,000 Net income 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 Total acsats $ 370,000 Total liahilities and canital $ 28,000 185,000 213,000 157,000 370,000 conting Print Dane 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 i Requirements - X 1. One of the most important decisions a manager makes is the amount of inventory to purchase. Show how to determine the amount of inventory to purchase in 2018 2. Prepare the store's budgeted income statement for 2018 to reach the target net income of $156,000. To reach this goal, operating expenses must decrease by $1,310 Print Done