Sampson Merchandising Firm is developing its budgets for Year 2.The Year 1 income statement is as follows:

Sales (200,000 units)	$500,000
Less Cost of goods sold	325,000
Gross profit	$175,000
Operating expenses (includes $20,000 of depreciation)	120,000
Net income	$ 55,000

Selling prices will increase by 10 percent, and sales volume in units will decrease by 6 percent. The cost of goods sold as a percent of sales will decrease to 62 percent.Other than depreciation, all operating costs are variable.

How how a budgeted income statement for Year 2 would look