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 S1050 per hour and staff at a rate of $525 per hour. Managers are paid $375 per hour worked (including nonbillable time) and staff are paid $200 per hour. The current plan calls for managers to bill 1,350 hours in May and 900 hours in June Staff are expected to bil 6,700 hours in May and 4,800 hours in June, Managers will work a total of 2.700 hours in both months and staff will work a total of 9,900 hours in both months, Other monthly costs (all fixed) are $557,500 SG&A $232,500 in depreciation, and $357,500 in marketing Required: Prepare a budgeted income statement for Executive Solutions for May and June (separately) June es 05 0 EXECUTIVE SOLUTIONS Budgeted Income Statement May Revenues Managers Stall Total revenue $ Expenses Manager compensation Staff compensation Total compensation $ SGKA Depreciation Marketing Total expenses $ Income (LSS) $ 05 0 0 0$ 0 $ 0