Monachino Motors is a chain of car dealerships . Sales in the fourth quarter of last year were 4,500,000 . Suppose management projects that its current year's quarterly sales will increase by 5% in quarter 1, by another 2% in quarter 2by another 4% in quarter 3 , and by another 7% in quarter 4. Management expects cost of goods sold to be 50% of revenues every quarter, while operating expenses should be 25% of revenues during each of the first two quarters, 20% of revenues during the third quarter, and 35% during the fourth quarter .

Monachino Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,500,000. Suppose management projects that its current year's quarterly sales will increase by 5% in quarter 1, by another 2% in quarter 2, by another 4% in quarter 3, and by another 7% in quarter 4. Management expects cost of goods sold to be 50% of revenues every quarter, while operating expenses should be 25% of revenues during each of the first two quarters, 20% of revenues during the third quarter, and 35% during the fourth quarter. Requirement Prepare a budgeted Income statement for each of the four quarters and for the entire year hot 46 PI hot JO PM Prepare the first portion of the budgeted income statement through groun croft, there complete the statement Pound the amounts to the nearest whole dollar) Monachino Motors Budgeted Income Statement For the upcoming Year Quarter 1 Sales Less: Cost of goods sold Gross profit Quarter 2 Qurfer 3 Quarter Your ot 23 PM