Please fill in blanks

The income statement for the first quarter of 2021 was as follows: Income Statement For the Quarter Ended March 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Sales salaries Rent expense Depreciation Utilities Miscellaneous Total operating expenses Net income $710,000 $53,200 24,500 12,900 4,400 12,600 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2022 Northeast Regional Division Budgeted Income Statement Rent Expense Depreciation Utilities The Northeast Regional Division of Grouper Corp. has been requested to prepare a quarterly budgeted income statement for 2022. The regional manager expects that sales in the first quarter of 2022 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding quarter in 2022. The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 20% of the next quarter's sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31,2021 is $176,000. Quarterly salaries are $20,300 plus 5% of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Rent expense Depreciation on office equipment Utilities expense Miscellaneous expenses $24.500 $12,900 $4,400 2% of sales The income statement for the first quarter of 2021 was as follows