The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $520,000 567,913 Sales Purchases 294,828 Ending Inventory* 10% Administrative Salaries 50,360 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,500 Depreciation Expense 900 Utilities 2,700 Taxes* 15% *of next month's sales ** 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