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Smith Labs performs a specialty lab test for local companies for $ 5 0 per test. For the upcoming quarter, Smith Labs is projecting the

Smith Labs performs a specialty lab test for local companies for $50 per test. For the upcoming quarter, Smith Labs is projecting the following sales:
\table[[,January,February,March,],[Number of lab tests,dots,5,500,4,200,5,900]]
The budgeted cost of performing each test is $25. Operating expenses are projected to be $56,000 in January, $54,000 in February, and $60,000 in March. Smith Labs is subject to a corporate tax rate of 30%.
Requirement
Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter.
Prepare the budgeted income statement by first calculating the operating income, then calculate the net income.
Smith Labs
Budgeted Income Statement
For the Quarter Ended March 31
Sales
Less: Cost of goods sold
Gross profit
Less: Operating expenses
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