The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $540,000 567,927 Sales 294,829 Purchases Ending Inventory Administrative Salaries 10% 50,320 5% Marketing Expense** Sales Commissions 2% 7,700 Rent Expense Depreciation Expense 1,200 Utilities 2,300 Taxes ** 15% *of next month's sal **of estimated sales ***of Income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted Income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Cost of Goods Sold Operating Expenses Total Operating Expenses