PQR Inc. is preparing its budget for the next year. The following information is available:

Item	Amount ($)
Estimated Sales Revenue	1,200,000
Estimated Cost of Goods Sold	720,000
Estimated Operating Expenses	300,000
Desired Net Income	100,000

Requirements:

1. Prepare a Budgeted Income Statement.
2. Calculate the required sales revenue to achieve the desired net income.
3. Determine the budgeted operating income.
4. Evaluate the impact on net income if operating expenses increase by 10%.
5. Discuss the importance of budgeting in financial planning.