Revenues: Sales of units $100,000 Repair income , Total revenues $125,000 Cost of Goods Sold , Gross margin 100,000 Operating costs: Advertising 8,000 Shipping 10,000 Wages 50,000 Rent EM Total operating costs , Operating income $ . Management is in the process of preparing the 2018 budget using the following information: a. The 2018 air conditioner selling prices are expected to decrease by 5% from the 201? prices. b. In 201 T, repairs were billed to customers at a rate of $100 per hour. The 2018 rate will be 8120 per hour. c. The number of units sold is expected to increase by 30% over the 201?r levels due to the decreased selling price. (1. 2018 repair hours are expected to increase by 30% over 201Tr levels due to increased sales of units. e. The cost of each unit is expected to increase by 8% over 201? levels. 1. Advertising costs are expected to double in 2018. g. Distribution costs vary in proportion with the number of units sold. h. In 2018, one technician will be added for a total increased cost of $12,150. i. Rent is charged at 10% of total revenues. i. There is no beginning or ending inventory. REQUIRED: Complete the 2013 Budgeted Income Statement for the year ended December 31, 201B (14 marks] Revenues: Sales of units Repair income Total revenues Cost of Goods Sold Gross Margin Operating Costs: Advertising Shipping