Exercise 13-40 (Algo) Prepare Budgeted Financial Statements (LO 13-6) Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (430 units @ $660 per unit) Less $283,800 Manufacturing costs Variable costs 25,000 Depreciation (fixed) 26,000 Marketing and administrative costs Fixed costs (cash) 66,200 Depreciation (fixed) 23,800 Total costs $141,000 Operating profits $142,800 Sales volume is expected to increase by 10 percent in November, but the sales price is expected to fall 10 percent. Variable manufacturing costs are expected to increase by 3 percent per unit in November. In addition to these cost changes, variable manufacturing costs also will change with sales volume. Marketing and administrative cash costs are expected to increase by 10 percent. Cycle-1 operates on a cash basis and maintains no inventories. Depreciation is fixed and should remain unchanged over the next three years. Required: Prepare a budgeted income statement for November. (Do not round intermediate calculations.)