Holly Congary prepared the following budgeted income statement for the first tuarter of 2024 : (Clek the leon to view the budgoted income statemert) Hoty Coepany is considerting two cptions: iclok the ion to wien the nptions.) (cice the oud the Begin by preparing the bodgeted income atatensent for Option I Now prepare the budgeted income statement for Option 2. (Round all amounts to the nearest whole number.) Holly Company Budgeted Income Statement For the Quarter Ended March-31,2024. Sales Revenue Cost of Goods Sold Gross Profit Holly Company Budgeted Income Statement For the Quarter Ended March 31, 2024 Cost of Goods Sold Gross Profit S and A Expenses Operating income Income Tax Expense Net Income Requirement 2. Which opsion should Hotly dhoose? Explan your teasoning] the gaarter then the S7. 0.4 cumently budyeted. Helly may decide Requirements 1. Prepare budgeted income statements for both options, assuming both options begin in January and January sales remain $15,000. Round all calculations to the nearest dollar. 2. Which option should Holly choose? Explain your reasoning. DEta taDie More info Option 1 is to increase advertising by $800 per month. Option 2 is to use better-quality materials in the manufacturing process. The better materials will increase the cost of goods sold to 65% but will provide a better product at the same sales price. The marketing manager projects either option will result in sales increases of 30% per month rather than 20%