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I need help answering this question. Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The

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Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements for the last four quarters follow: First Second Third Fourth Quarter Quarter Quarter Quarter Total Sales revenue $177,000 $207,000 $217,000 $267, 000 $868, 000 Cost of goods sold 123,900 144,900 151, 900 186,900 607, 600 Gross profit 53, 100 62, 100 65 , 100 80, 100 260,400 Selling & administrative expenses 17,700 20, 700 21, 700 26, 700 86, 800 Net income $ 35, 400 $ 41, 400 $ 43, 400 $ 53, 400 $173, 600Required a. Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate. b. Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks' estimate. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate. First Quarter Second Quarter Third Quarter Fourth Quarter Total Sales revenue $ Cost of goods sold 0 Gross profit 0 0 0 0 Selling & administrative expenses 0 Net income $ 0 $ 0 $ 0 $ 0 $ 0

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