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 $1,000 per hour and staff at a rate of $500 per hour. Managers are paid $325 per hour worked (including nonbillable time) and staff are paid $175 per hour. The current plan calls for managers to bill 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. Managers 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 fixed) 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).