The Northeast Regional Division of Bramble Corp. has been requested to prepare a quarterly budgeted income statement for 2022. The regional manager expects that sales in the first quarter of 2022 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding quarter in 2022. The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 20% of the next quarter's sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31, 2021 is $177,500. Quarterly salaries are $21,300 plus 5% of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Rent expense $24,000 Depreciation on office equipment $12,300 Utilities expense $3,500 Miscellaneous expenses 2% of sales The income statement for the first quarter of 2021 was as follows: Income Statement For the Quarter Ended March 31, 2021 Sales Cost of goods sold Gross profit $710,000 396,000 314,000 Operating expenses Sales salaries $53,400 Rent expense 24,000 Depreciation 12,300 Utilities 3,500 Miscellaneous 13,000 Total operating expenses 106,200 Net income $207,800 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2022. Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2022. BRAMBLE CORP. Northeast Regional Division Budgeted Income Statement Touthook and Modio +9 $ $ $