Jacob Long, the controller of Arvada Corporation, is trying to prepare a saies budget tor the coming yeat. The income statements for the last four quarters follow: Historically, cost of goods sold is about 60 percent of sales revenue. Selling and administrative expenses are about to percent of sales revenue. Fred Arvado, the chief executive dificec, told Mr. Long that he expected sales next year to be 15 percent for each respective quarter above last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she believed sales gromh would be only 10 percent. Required 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. Preoare a pro forma income statement including quarterly budgets for the coming year using Mc. Arvada's estimate Jacob Long. the controller of Arvada Corporation, is trying to prepare a sales budget for the coming yeac. The income statemerits for Historically, cost of goods sold is about 60 percent of sales revenue. Selling and administrative expenses are obout 10 percent of sales reveriue. Fred Arvada, the chief executive dilicer, told Mr. Long that he expected sales next year to be 15 percent for each respective quarter above last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she believed sales growh would be only 10 percent Required a. Prepare a pro forma income statement including quarterly budgets for the coming year using Mt. Arvada's estimate: b. Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banis' estimate. Complete this question by entering your answers in the tabs below. Prepare a pro forma income statement including quarteriy budgets for the coming year using Ms. Banks' estimate