Historically. cost of goods sold is about 70 percent of sales revenue. Selling and odministrative expenses are about to percent of 5 ales revenue Fred Arvada, the chief executive officet, told MC Long that he expected sales next yeat to be 15 percent for each respective quartef above last year's level. However, Rita Banks, the vice president of sales, told Me Long that she believed soles arowth would be only 10 percent. Required Q. Prepare a pro forma income statement including quarterly budgets for the coming year using Mi Arvado's estimate b. Piepare a pro forma income statement including quarterly budgets for the sorning year using Ms. Barks estimate