MANAGERIAL ACCOUNTING HW 2022.1.1. The Northeast Regional Division of Union Corp. has been requested to prepare a quarterly budgeted income statement for 2022. The regional manager expects that sales in the first quarter of 2022 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding quarter in 2022. The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 25% of the next quarter's sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31, 2021 is $176,000. Quarterly salaries are $20,000 plus 5% of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Rent expense $24,000 Depreciation on office equipment Utilities expense $3,600 Miscellaneous expenses $12,000 2% of sales The income statement for the first quarter of 2021 was as follows: Income Statement For the Quarter Ended March 31, 2021 Sales $720,000 Cost of goods sold 396,000 Gross profit 324,000 Operating expenses Sales salaries $52,000 Rent expense 24,000 Depreciation 12,000 Utilities 3,600 Miscellaneous 12,800 Total operating expenses 104.400 Net income $219.600 Instructions Prepare a budgeted quarterly income statement form for the first quarter of 2022. (Show computations.)