The Northeast Regional Division of Union 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 25% of the next quarter's sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31, 2021 is $176,000. Quarterly salaries are $20,000 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 $12,000 Utilities expense $3,600 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 Operating expenses Sales salaries Rent expense Depreciation Utilities Miscellaneous Total operating expenses. Net income.. $720,000 396,000 324,000 $52,000 24,000 12,000 3,600 12,800 104,400 $219.600 Instructions Prepare a budgeted quarterly income statement form for the first quarter of 2022. (Show computations.)