Monette Labs performs a specialty lab test for local companies for $56 per test. For the upcoming quarter, Monette Labs is projecting the following sales: The budgeted cost of performing each test is $30. Operating expenses are projected to be $61,000 in uary, $50,000 in February, and $59,000 in March. Monette Labs subject to a corporate tax rate of 30 % January February March Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter 4.600 Number of lab tests 5.600 5.500 Prepare the budgeted income statement by first calculating the operating income, then calculate the net income. Monette Labs Budgeted Income Statement For the Quarter Ended March 31 January February March Quarter Sales Less: Cost of gaods sold Gross profit Less: Operating expenses Operating income Less: Income tax expense Net income