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: Historically, cost of goods sold Is about 50 percent of sales revenue. Selling and admInistrative expenses are about 10 percent of sales revenue. Fred Arvada, the chlef executlve officer, told Mr. Long that he expected sales next year to be 15 percent for each respectlve quarter above last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she belleved sales growth would be only 10 percent. Requlred 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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: Historically, cost of goods sold is about 50 percent of sales revenue. Selling and admInistratlve expenses are about 10 percent of sales revenue. Fred Arvada, the chlef executive officer, told Mr. Long that he expected sales next year to be 15 percent for each respectlve quarter above last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she belleved sales growth would be only 10 percent. Requlred 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below