The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales Sales $540,000 567,917 Purchases 294,830 Ending Inventory* 10% Administrative Salaries 50,360 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,600 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 Sales Cost of Goods Sold Beginning Inventory 540,000 56,791 X Purchases 294,830 Cost of Goods Available for Sale 351,621 X Ending Inventory 62,470 x Cost of Goods Sold 289,151 X Gross Profit 278,766 X Operating Expenses Administrative Salaries 50,360 Marketing Expenses 27,000 Sales Commissions 11,358 X Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,600 Total Operating Expenses 100,218 X Income From Operations 178,548 X Income Tax Expense 26,782 x Net Income 151,765 X