Shaner Company Budgeted Income Statement For the Quarter Ended March 31, 2016 January February March Total Sales Revenue (20% increase per month) 8,000 9,600 11,520 29,120 4,608 11,648 3,200 3,840 Cost of Goods Sold (40% of sales) Gross Profit 6,912 17,472 4,800 5,760 8,912 2,800 2,960 S and A Expenses ($2,000 10% of sales 3,152 2,000 3,760 8,560 Operating Income 2,800 1,128 Income Tax Expense (30% of operating income 600 840 2,568 1,400 1,960 2,632 5,992 Net Income