Exercise 13-46 (Algo) Budgeting in a Service Organization (LO 13-5, 6) Mansfield Information Systems (MIS) is an IT support firm. Managers and staff are billed to clients on an hourly basis. The senior administrative staff does not directly provide client support. Because of the clientele of MIS, there is significant fluctuation from month to month. Managers are billed to clients at a rate of $860 per hour and staff at a rate of $430 per hour. Managers are paid $370 per hour worked (including nonbillable time), and staff are paid $210 per hour. The current plan calls for managers to bill 960 hours in November and 780 hours in December. Staff are expected to bill 6,420 hours in November and 5,120 hours in December. Managers will work a total of 1,440 hours in both months, and staff will work a total of 8,120 hours in November and 7,600 hours in December. Other monthly costs (all fixed) are $758,000 selling, general, and administrative, $158,000 in depreciation, and $266,000 in marketing. Required: Prepare a budgeted income statement for Mansfield Information Systems for November and December (separately). Required: Prepare a budgeted income statement for Mansfield Information Systems for November and December (separately)