Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales next year will be $1.66 million. Interest expense is expected to remain unchanged at $38,000, and the firm plans to pay $67,000 in cash dividends. Metroline Manufacturing's income statement for the previous year is given, along with a breakdown of the firm's cost of goods sold and operating expenses into their fixed and variable components. a. Use the percent-of-sales method to prepare a pro forma income statement for next year. b. Use fixed and variable cost data to develop a pro forma income statement for next year. c. Compare and contrast the statements developed in parts a. and b. Which statement probably provides the better estimate of income? Explain why