Sales revenue $ $189,000$ $ $219,000$ $ $229,000$ $ $279,000$ $ $916,000$

Cost of goods sold $(113,400)(131,400)(137,400)(167,400)(549,600)$

Gross profit $75,60087,60091,600111,600366,400$

Selling & administrative expenses $(18,900)(21,900)(22,900)(27,900)(91,600)$

Net income $ $56,700$ $ $65,700$ $ $68,700$ $ $83,700$ $ $274,800$

Historically, cost of goods sold is about $60$ percent of sales revenue. Selling and administrative expenses are about $10$ percent of sales revenue.

Rita Banks, the vice president of sales, told Mr$.$ Long that she believed sales growth would be only $5$ percent.

Required

Prepare a pro forma income statement including quarterly budgets for the coming year using Ms$.$ Banks$$ estimate.