Question 19 The Northeast Regional Division of Union Corp. has been requested to prepare a quarterly budgeted 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding The corporate head office has requested that the regional manager maintain an inventory in dollars inventory on December 31, 2019 is $176,000. Quarterly salaries are $20,000 plus 5% of sales. Alls Rent expense $24,000 Depreciation on office equipment $12,000 Utilities expense $3,600 Miscellaneous expenses 2% of sales The income statement for the first quarter of 2019 was as follows: Income Statement For the Quarter Ended March 31, 2019 Sales $720,000 Cost of goods sold 396,000 Gross profit 324,000 Operating expenses Sales salaries $52,000 Rent expense 24,000 Depreciation 12,000 Utilities 3,600 Miscellaneous 12,800 Total operating expenses 104,400 Net income $219,600 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2020 rterly budgeted income statement for 2020. The regional manager expects that sales in the first quarter of 2020 will increase by each succeeding quarter in 2020. entory in dollars equal to 25% of the next quarter's sales. Quarterly purchases average 55% of quarterly sales, Budgeted ending % of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2020. UNION CORP. Northeast Regional Division Budgeted Income Statement For the Quarter Ended March 31, 2020 Sales Cost of Goods Sold Gross Profit Operating Expenses Sales Salaries Rent Expense Depreciation Utilities Miscellaneous Total Operating Expenses Net Income LINK TO TEXT