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The following are management's goals and forecasts for 2015: 1. Selling prices will increase by 6 percent, and sales volume will increase by 4 percent.

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The following are management's goals and forecasts for 2015: 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 2015. Do not use negative signs with any of your answers

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