Kerwin Motors is a chain of car dealerships. Sales in the fourth quarter of last year...

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Kerwin Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,100,000. Suppose management projects that its current year's quarterly sales will increase by 3% in quarter 1, b 2% in quarter 2, by another 7% in quarter 3, and by another 596 in quarter 4, Management expects cost of goods sold to be 45% of revenues every quarter, while operating expenses should be 35% of during each of the first two quarters, 20% of revenues during the third quarter, and 25% during the fourth quarter. Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year. reve Prepare the first portion of the budgeted income statement through gross profit, then complete the statement. (Round the amounts to the nearest whole dollar) Yonin Matass Kerwin Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,100,000. Suppose management projects that its current year's quarterly sales will increase by 3% in quarter 1, b 2% in quarter 2, by another 7% in quarter 3, and by another 596 in quarter 4, Management expects cost of goods sold to be 45% of revenues every quarter, while operating expenses should be 35% of during each of the first two quarters, 20% of revenues during the third quarter, and 25% during the fourth quarter. Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year. reve Prepare the first portion of the budgeted income statement through gross profit, then complete the statement. (Round the amounts to the nearest whole dollar) Yonin Matass