Prepare a master budget for the three-month period ending June 30 that includes a budgeted income statement for the three- month period ending June 30. Use the contribution approach. Earrings Unlimited Budgeted Income Statement For the Three Months Ended June 30 Sales Variable expenses: Cost of goods sold Commissions $3,555,200 1,155,440) 142,208 1,297,648 2,257,552 Insurance Contribution margin Fixed expenses: Advertising 960,000 Rent 90,000 Salaries 390,000 Utilities 39,000 Insurance 12,600 Depreciation: 78,000 Accumulated depreciation. Net operating income Interest expense Net income 1,569,600 687,952 3,720 684,232