HW 2022.1.1. The Northeast Regional Division of Union Corp. has been requested to prepare a quarterly budgeted income statement for 2022. The regional manager expects that sales in the first quarter of 2022 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding quarter in 2022. The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 25% of the next quarter's sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31, 2021 is $176,000. Quarterly salaries are $20,000 plus 5% of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Rent expense Depreciation on office equipment Utilities expense Miscellaneous expenses $24,000 $12,000 $3,600 2% of sales The income statement for the first quarter of 2021 was as follows: Income Statement For the Quarter Ended March 31, 2021 Sales..... Cost of goods sold.. Gross profit....... Operating expenses Sales salaries.. Rent expense. Depreciation.... Utilities....... Miscellaneous. Total operating expenses.. Net income. $720,000 396,000 324,000 $52,000 24,000 12,000 3,600 12.800 104.400 $219.600 Instructions Prepare a budgeted quarterly income statement form for the first quarter of 2022. (Show computations.)