Jocob Long: the consrolier of Arvado Corporation, is trying to prepate a sales budget for the coming year. The income statements for the lest four quarters follow: Historicely, cost of goods sold is about 60 percent of soles revenue Selling and administrative expenses are about 10 percent of sales teverive Fred Arvada, the chiet executive officer, told Mr. Long that he expected sales next year to be 10 percent for each respective quarter. above last year's level. However, Rita Banks, the vice president of soles, told Mr Long that she believed sales growth would be only 5 bercent Required Complete this avestien by entering yeur anwers in the tabs below. Jacob Long, the controller of Arveda Corporation, is trying to prepare a sales bodget for the caming year. The income statemens for the last four averiers follow: Histbrically, cost of goods sold is about 60 percent of sales revenue. Seling and adminatrative expenses are about to pereent of sales revenue. Fred Arvadn, the chief enecutive officec told Mr. Long that he expected soles next year to be 10 percent for each respective quarter above lost year's level. Howevet, Rat Banks, phe vice president of sales, told Mr. Long that she believed sales growth would be only 5 percent. Required - Prepare a pro forme income statement including quarterly budgets for the coming year using Mr. Arvada's estimate b. Prepare a peo forme income statement including quorterly budgets for the coming yes using Ms. Banks' estimate. Cemplete this auestion by entering your naswers in the tabs belaw