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fund-raising campaign. the amount that must be raised by the annual NIKE 10-K PROBLEM 46 Budgeting Assumptions at Nike ne Nike's 2011 10-K report. Find the section of the 10-K titled "Results of Operations" show Examine a condensed income statement for fiscal years 2009, 2010, and 2011. Use the condensed income ing g a condense nt to calculate budgeted net income for fiscal 2012 under the following alternative sets of stateme assumptions. Round amounts to the nearest million dollars. I. Note that Nike's revenues increased by about 10% last year. Assume cost of sales is 55% of revenue, selling and administrative expense is 32% of revenue, and income tax expense is 25% of income before income taxes. Assume that all costs are variable. a. Calculate budgeted net income if revenue increases by 10%. b. Calculate budgeted net income if revenue decreases by 10%