The Northeast Regional Division of Marigold 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 $$175,000.$ Quarterly salaries are $$20,800$ plus $5\%$ of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows:

$\backslash$table$[[$Rent expense,$$25,000$