Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2022 BRAMBLECORP Northeast Regional Division Budgeted Income Statement 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 $700,000 Operating expenses Sales salaries Rent expense Depreciation Utilities Miscellaneous Total operating expenses Netincome $52,000 25,000 11.200 4,100 12,900 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2022 The Northeast Regional Division of Bramble 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 $178,000, Quarterly salaries are $21,400 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 $25,000 $11,200 $4,100 28 of sales The income statement for the first quarter of 2021 was as follows: Income Statement For the Quarter Ended March 31, 2021 Sales $700,000