The following is Beta Hardware Corporation's income statement for the year ended April $30,2023$:

Beta Hardware Corporation

Income Statement

For the Year Ended April $30,2023$

Revenues $$840,000$

Cost of Goods Sold $$480,000$

Gross Profit $$360,000$

Expenses:

Administrative Costs $$25,000$

Selling Costs $$19,000$

Salaries $$103,000$

Rent $$22,000$

Total Expenses $$169,000$

Net Income $$191,000$

Salaries are comprised of $$67,000$ in manager's salaries and $$36,000$ in office employees' salaries

Beta Hardware is a small business and it does not intend to spend a lot of time and money on budgeting. The manager has determined the $2024$ budgeted income statement should simply reflect the following predicted changes from the $2023$ income statement:

Revenues will increase by $2\mathrm{.}5\%$

Gross profit will increase by $6\%$

Selling costs will decrease by $5\%$

Managers' salaries will increase by $8\%$

Administrative costs, office employees' salaries, and rent expense will remain the same

Do not enter dollar signs or commas in the input boxes.

Prepare the budgeted income statement for the year ending April $30,2024$ using the incremental budgeting approach.

Beta Hardware Corporation

Budgeted Income Statement

For the Year Ended April $30,2024$

Budgeted Revenues $Answer

$861000$

Budgeted Cost of Goods Sold $Answer

$479400$

Budgeted Gross Profit $Answer

$381600$

Budgeted Expenses:

Administrative Costs $Answer

$25000$

Selling Costs $Answer

$18050$

Salaries $Answer

$72360$

Rent $Answer

$22000$

Total Budgeted Expenses $Answer

$137410$

Budgeted Net Income $Answer

$723590$