Maradona's Assets and Liabilities as at 31st December 2022 are detailed in the trial balance below:
	Debit	Credit
Cash at bank	$ 1,500
Inventory(at cost)	$ 3,000
Accounts Receivable	$ 3,000
Plant & Equipment	$ 5,000
Accumulated Depreciation : Plant & Equipment		$ 1,000
Motor Vehicles	$ 12,000
Accumulated Depreciation : Motor Vehicle		$ 4,000
Land & Buildings	$ 196,000
Accrued Expenses Payable		$ 200
Bank Loan		$ 41,800
Marodona: Capital		$ 173,500
	$ 220,500	$ 220,500
Maradona estimates that his sales for the three months of 2023 will be as follows:
	March	April	May
	$13,000	$15,000	$16,000
Selling price is firmly established as cost plus 60%. All sales are credit.
Actual and estimated inventory levels (at cost) are as follows:
	1st January	(actual)	$ 3,000
	31st January	(estimated)	$ 3,200
	28th February	(estimated)	$ 3,100
	31st March	(estimated)	$ 2,800
All purchases are mage for cash.
Operating expense payments are:
> Marketing - 10% of sales
> General & Administration - 5% of sales
> Expenses payable om 31st March are expected to amount to $400.
Motor Vehicles are depreciated at 20% per annum and Plant and Equipment at 10% per annum.
Financial interest is $2,000 per quarter.
Additionally,3% of credit sales are expected to be bad.
Marodona forecasts that the following will occur during the quarter ending 31st March:
> cash at bank account at the end of the period will be overdrawn by $6,390.
> Marodona estimates that he will collect all of the accounts receivable at 31/12/2022, and 75% of collectible accounts
receivable arising from the quarter's sales.
> $4,000 will be paid off the bank loan.
> Marodona will draw $1,000 per month during the period.
Required: Prepare a Budgeted Income Statement for the quarter ending 31st March 2023, clearly showing all components of goods sold