Mansfield Information Systems (MIS) is an IT support firm. Managers and staff are billed to clients on an hourly basis. The senior administrative staff does not directly provide client support. Because of the clientele of MIS, there is significant fluctuation from month to month. Managers are billed to clients at a rate of $790 per hour and staff at a rate of $395 per hour. Managers are paid $300 per hour worked (including nonbillable time), and staff are paid $175 per hour. The current plan calls for managers to bill 890 hours in November and 710 hours in December. Staff are expected to bill 6,280 hours in November and 4,980 hours in December. Managers will work a total of 1,300 hours in both months, and staff will work a total of 7,980 hours in November and 6,900 hours in December. Other monthly costs (all fixed) are $754,500 selling, general, and administrative, $154,500 in depreciation, and $259,000 in marketing. Required: Prepare a budgeted income statement for Mansfield Information Systems for November and December (separately). Revenues: Managers Staff Mansfield Information Systems Budgeted Income Statement Total revenue Expenses: Manager pay Staff pay Total compensation Selling, general, and administrative Depreciation Marketing Total expenses Income (loss) November December