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Finish attempt ... 7 Not complete Mark 1.60 out of 2.80 Question Budgeted Income Statement g eBook Flag question g Print Pendleton Company, a merchandising company, is developing its master budget for the year. The income statement for the prior year is as follows: Pendleton Company Income Statement For Year Ending December 31, Prior Year Gross sales Less uncollectible accounts Collected sales Cost of goods sold Profit before operating expense Operating expenses (including $25,000 depreciation) Income before tax 50,000 625,000 $450,000 The following are management's goals and forecasts for the year: 1. Selling prices will increase by 6 percent, and sales volume will increase by 4 percent. 2. The cost of merchandise will increase by 3 percent. 3. All operating expenses are fixed and are paid in the month incurred. Price increases for operating expenses will be 10 percent. The company uses straight-line depreciation. 4. The estimated uncollectibles are 2 percent of budgeted sales. Required Prepare a budgeted functional income statement for the year. Do not use negative signs with any of your answers. Pendleton Company Budgeted Income Statement For the Year Ending December 31 Sales Less uncollectible accounts Collected sales Cost of goods sold Profit before operating expense Operating expenses Income before tax Check 55,120 o o 685,000 o x x x