Puckett Company has the following post-closing trial balance on December 31, 2016 Click the icon to view the post-dosing trial balance The company's accounting department has gathered the following budgeting information for the first quarter of 2017 (Click the icon to view the budgeting information) Additional information Direct meals purchases are paid 70% in the quarter purchased and 30% in the next qu Direct labor manufacturing overhead, seling and administrative costs, and income taxi in the quarter incurred Requirement 1. Prepare Puckett Company's budgeted income statement for the first quarter of 2017 Puckett Company Budgeted Income Statement For the Quarter Ended March 31, 2017 Sales Revenue $ 309,500 Cost of Goods Sold 71,500 Gross Prof 235.000 Selling and Administrative Expe 31.350 Income before Income Taxes 206,670 42.000 Income Tax Expense 164.670 Net Income Read the auments