Projected Income Statement (With Monthly Detail) 1 Prepare the Income Statement (With Monthly Detail) for the first year of operation of the new business. 2 Write down clearly all assumptions made. Month 1 onth 2 Month 3 Month 4 Month 5 Month 6 onth 7 Month 8 Month 9 Month 10 Month 11 Month 12 Totals % Sales 100 100% Cost of goods sold $2.554.05 $2.699.02 $2,864.28 $3.043.60 $3.243.50 $3,460.50 $3,580.60 $3,765.25 $3.945.30 $4,105.20 $4,195.85 $4.280.85 40 40% Gross profit 60 60% ating ex: Salaries expense Rent expense Utilities Total operating expenses 35 35% Profit before taxes 25 25% Income taxes Net profit (loss) 25 25%