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 month requiring careful planning. rrent ple le billed to ill 1 320 bure in Mer and 870 bours in June Staff are axpectd to bill 6 640 hours in May and 4 740houre in un Mangagrs ill ork o toal of 2.640 boure in both months and staff will work a total of 9,840 hours in both months Other monthly costs (all fixed) are $556,000 SG&A, $231,000 in depreciation, and $356,000 in marketing Required: Prepare a budgeted income statement for Executive Solutions for May and June (separately). EXECUTIVE SOLUTIONS Budgeted Income Statement May June Revenues: Managers Staff 0S Total revenue 0 Expenses: Manager compensation Staff compensation 0S S Total compensation SG&A Depreciation Marketing 0S Total expenses S Income (Loss)