Question 3 (6 points) Barrieland Merchandising Firm is developing its budgets for 2019. The 2018 income statement is as follows: Sales (100,000 units) $250,000 Less: Cost of goods sold 150,000 Gross profit $100,000 Operating expenses (includes $10,000 of depreciation) 60,000 Net income $40,000 Selling prices will increase by 10 percent and sales volume in units will decrease by 5 percent. The cost of goods sold as a percent of sales will increase to 62 percent Other than amortization, all operating costs are variable Required: Prepare a budgeted income statement for 2019