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 Depreciation on office equipment Utilities expense Miscellaneous expenses $24,000 $12,000 $3,000 2% of sales The income statement for the first quarter of 2021 was as follows: Sales Cost of goods sold Gross profit..... Operating expenses Sales salaries...... Rent expense. Depreciation Income Statement For the Quarter Ended March 31, 2021 Utilities........ Miscellaneous. Total operating expenses. $720,000 396.000 324,000 $52,000 24,000 12,000 3,600 12,800 www.104.400 $219.600 Net income..... Instructions Prepare a budgeted quarterly income statement form for the first quarter of 2022. (Show computations.)