. Operating Smith Labs performs a specialty lab test for local companies The budgeted cost of performing each test is $21 for $46 per test. For the upcoming quarter, Smith Labs is projecting the following sales expenses are projected to be $61,000 in January, $56,000 in February, and $58,000 in March. Smith Labs is subject to a corporate tax rate of 30% January February MarchRequirement Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter Number of lab tests 5,300 47005700 Prepare the budgeted income statement by first calculating the operating income, then calculate the net income. Smith Labs Budgeted Income Statement For the Quarter Ended March 31 JanuaryFebruary March Quarter Sales Less. Cost of goods sold Gross proft Less Operating expenses Operating income Less: Income tax expense Net income