Q1 - Budgeted Income Statement Q1) Rogers Enterprises reports the year-end information from 2018 as follows: Sales (100,000 units) $600,000 Less: Cost of goods sold 300,000 Gross profit 300,000 Operating expenses (includes $20,000 of Depreciation) 100,000 Net income $ 200.000 Rogers is preparing the 2019 budget. In 2019 the company would like to raise selling prices by 13%, and as a result expects a down in sales volume of 5%. Cost of goods sold as a percentage of sales is expected to go up to 80%. all operating costs are variable except deprecation. Required: Prepare a budgeted income statement for 2019