LaChut Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $$4,400,000.$ Suppose management projects that its current year's quarterly sales will increase by $4\%$ in quarter $1,$ by another $2\%$ in quarter $2,$ by another $6\%$ in quarter $3,$ and by another $5\%$ in quarter $4.$ Management expects cost of goods sold to be $45\%$ of revenues every quarter, while operating expenses should be $35\%$ of revenues during each of the first two quarters, $30\%$ of revenues during 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 gross profit, then complete the statement. $($Round the amounts to the nearest whole dollar.$)$

LaChut Motors

Budgeted Income Statement

For the Upcoming Year

$\backslash$table$[[,$Quarter $1,$Quarter $2,$Quarter $3,$Quarter $4,$Year$],[$Sales$],[$Less: Cost of goods sold$],[$Gross profit,,,,,$],[$Less: Operating expenses,,,,,$],[$Net income,,,,,$]]$