Note: Please use the same format and the following example as a reference (See Below). Show all computations.

168. Michelle Enterprises reports the year-end information from 2016 as follows: Sales 150,000 units) Less: Cost of Goods Sold Gross profit Operating Expenses Net Income S450,000 S150,000 S300,000 S100,000 (includes $25,000 of depreciation) S200,000 Michelle is developing the 2017 budget. In 2017, the company would like to increase selling prices by 20% and as a result expects a decrease in sales volume of 10%. Cost of goods sold as a percentage of sales is expected to increase to 40%. Other than depreciation, all operating costs are variable Required: Prepare a budgeted income statement for 2017