Question 3 Imagine that you are a sales manager in IFC Clothing Department. You were asked to prepare a budgeted income statement for the department for the first two months of the coming year. You have the following information: a. Sales in December were $300,000. Sales were expected to increase SD94: in January due to New Year's sales and increase 30% in both February and March. (Note: the change rates are monthly change rates compared to the previous months, i.e.., [sales in t}f(sales in tl}* [00%] b. The department plans to continue maintaining an ending inventory of 4% of the budgeted sales revenue for the following month. Monthly purchases average 3'l'fu ofthe sales revenue in the same month. c. The actual ending inventory in December was $l l. d. Additional parttime staff will be hired in January due to New Year's sales. The budgeted amount ofincrease in salary expense is EESJJIJIJ. e. Dther information are as follows: Monthly salary expense: S. paid as incurred Depreciation expense: $2.,D Insurance expensel''. expiration of prepaid amount Income tax: SEQ/u of operating income Required {25 points in total}: Prepare the budgeted income statement for January and February. Show the cost of goods sold calculations