The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated sales $565,000 Purchases $293,593 Ending inventory 1296 Administrative salaries $50,100 Marketing expenses 15% Sales commissions 39% Rent expense $7,500 Depreciation expense $1,200 $3,000 Utilities 10% Taxes * of next month's sales ** of sales *** of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement List expenses in the order listed in the table above. Round to the nearest dollar unless otherwise specified. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales s Cost of Goods Sold Cost of Goods Sold Gross Profit Operating Expenses Administrative Salaries Marketing Expenses $ Total Operating Expenses income from Operations Income Tax Expense Net Income (loss)