I am currently enrolled in BUSN 278 Devry University and need help with the week 7: Lab Assignment. The question is this:

I need help with a pro-forma income statement based on the following assumptions

Sales for first month: $60000

Cost of sales = 42% of sales, all variable

Operating expenses = $10,000 fixed plus 5% of sales

Tax rate 30%

Sales increased by 5% each moth