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Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income First Quarter $112.000 103,200 68,800 17,200 Second Quarter $ 202,000 121,200 80,800 20,200 $ 60,600 Third Quarter $212,000 127.200 84,800 21,200 $ 63,600 Fourth Quarter $262.000 157,200 104,800 26,200 $ 78,600 Total $848,000 508,800 339,200 84,800 $254,400 Historically, cost of goods sold is about 60 percent of sales revenue. Selling and administrative expenses are about 10 percent of sales revenue. Fred Arvada, the chief executive officer, told Mr. Long that he expected sales next year to be 15 percent for each respective quarter above last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she believed sales growth would be only 10 percent. Required a. Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate. b. Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks's estimate. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate. First Quarter Second Quarter Third Quarter Fourth Quarter Total Sales revenue Cost of goods sold Gross profit Seling & administrative expenses Net income 0 0 0 $ 0 $ + Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net Income First Quarter $172.000 103,200 68,800 17,200 $ 51,600 Second Quarter 5202,000 121,200 80,800 20,200 $ 60,600 Third Quarter $212.000 127.200 84,800 21,200 $ 63,600 Fourth Quarter arter $262.000 157,200 104,800 26,200 $ 78,600 Total $848,000 508,800 339,200 84,800 $254,400 29.05 Historically, cost of goods sold is about 60 percent of sales revenue. Selling and administrative expenses are about 10 percent of sales revenue. Fred Arvada, the chief executive officer, told Mr. Long that he expected sales next year to be 15 percent for each respective quarter above last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she believed sales growth would be only 10 percent Required a. Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate. b. Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks's estimate. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks's estimate. First Quarter Second Quarter Thiru Quarter Fourth Quarter Total Sales revenue Cost of goods sold Gross profit Selling & administrative expenses 00 Net income $ 0 $ 0 $