Sales 567,927 Purchases 294,829 Ending Inventory 10% Administrative Salaries 50,320 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,300 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales Cost of Goods Sold Beginning Inventory 56,793 Purchases 294,829 Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit 62,472 x Operating Expenses Administrative Salaries Marketing Expenses Sales Commissions 50,320 28,396.35 X 11,258.54 X Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,300 Total Operating Expenses 390,424.62 X Income From Operations 177,502 x Income Tax Expense 26,625.36 X Net Income 150,877 X