Kerwin Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $1.200.000. Suppose management projects at its current year's quarterlysts will crease by 2 in quartet by other in tee 2. by womer 3% in quarter, and by another 8% in quarter 4. Management expects cost of goods sold to be 55% of revenues every quarter while operating expenses should be 35% of overnors during each of er wers, 30% of revnes du the third quarter, and 20% during the fourth quarter Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year. Prepare the first portion of the budgeted Income statement through groen proft, then complete the statement (round the amounts the newest whole dott) Kerwin Motors Budgeted Income Statement For the upcoming Year Quarter Quarter 2 Quarter Quarter 4 Year Sales Los Cost of goods sold Gross proft