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 to clients at a rate of $1,080 per hour and staff at a rate of $540 per hour. Managers are paid S405 per hour worked (including nonbillable time) and staff are paid $215 per hour. The current plan calls for managers to bill 1,380 hours in May and 930 hours in June. Staff are expected to bill 6,760 hours in May and 4,860 hours in June. Managers will work a total of 2,760 hours in both months and staff will work a total of 9,960 hours in both months. Other monthly costs (all fixed) are $559,000 SG&A, $234,000 in depreciation, and S359,000 in marketing. Required Prepare a budgeted income statement for Executive Solutions for May and June (separately). EXECUTIVE SOLUTIONS Budgeted Income Statement Ma June Revenues: Managers Staff Total revenue Expenses: Total SG&A Depreciation Marketing Total expenses Income (Loss)