Nash Enterprises goal is to instill the joy of music in every school-aged child in its community. Its instrument of choice is the classic recorder. Music teachers embrace the purity and power of these classic woodwind instruments, which provide a sure stepping-stone to great musical endeavors. Nash's managers pulled together the following information to plan for its biggest sales month. Budgeted sales volume is as follows: June 11,000 units, July 15,000, and August 12,400. Budgeted selling price is $3/unit. Nash plans to have 15% of its next month's sales volume sitting in ending inventory; beginning inventory in July exactly met this policy, with those units held at a cost of $1.70/unit (from prior purchases). Budgeted purchase price of a recorder as of July 1 is $1.80/unit. Nash uses the FIFO assumption for inventory valuation. Budgeted variable SG&A cost is $0.20/unit sold. Budgeted monthly fixed SG&A costs consist of the following: sales salaries of $3,000, advertising expense of $600, executive ries of $4,500, depreciation on the facility of $2,300, administrative salaries of $2,600, and property taxes and insurance of $700. (b) Prepare Nash's budgeted income statement for the month of July. Gross Margin Less : Cost of Goods Sold Operating Income Add Sales Nash Enterprises Budgeted Income Statement For the Month Ended July 31 SG&A Expenses eTextbook and Media + $ $