Executive Solutions is a strategy consulting firm Other than the senior leadership (who manage the firm, but do not actively consult), the managers and staff are billed to clients on an hourly basis. The workload varies quite a bit from month to month requiring careful planning Managers are billed Clients al a rate o S 1.000 per hour and sta at a rale oS500 er hour. Managers are e d S325 per hour worked (including nonbillable r e and s are paid S175 per hour. The current pla n calls or managers o b 1 300 hours in May and 850 hours in June Staff are expected to bill 6 600 hours in May and 4 700 hours in June Man gers will work a total of 2.600 hours in both months and staff will work a total of 9,800 hours in both months Other monthly costs (all txed) are $555,000 SG&A, $230,000 in depreciation, and $355,000 in marketing Required: Prepare a budgeted income statement for Executive Solutions for May and June (separately) Budgeted Income Statement June Managers Staff Total revenuc Expenses Staff compensation Total compcnsation SG&A Marketing Total copenses Income (Loss)