Question Help Kerwin Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,400,000. Suppose management projects that its current year's quarterly sales will increase by 3% in quarter 1, by another 6% in quarter 2, by another 2% in quarter 3, and by another 4% in quarter 4. Management expects cost of goods sold to be 40% of revenues every quarter, while operating expenses should be 25% of revenues during each of the first two quarters, 30% of revenues during the third quarter, and 35% during the fourth quarter. Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year. Prepare the first portion of the budgeted income statement through gross profit, then complete the statement. (Round the amounts to the nearest whole dollar) Kerwin Motors Budgeted Income Statement For the upcoming Year Quarter 1 Quarter 2 Quarter 3 Sales Less: Cost of goods sold Gross profit Quarter 4 Year Enter any number in the edit fields and then click Check Answer, 1 part remaining Clear All Check