The Northeast Regional Division of Union Corp. has been requested to prepare a quarterly budgeted income statement for 2020. The regional manager expects that sales in the first quarter of 2020 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for cach succeeding quarter in 2020, 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, 2019 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 S720,000 396,000 324,000 The income statement for the first quarter of 2019 was as follows: Income Statement For the Quarter Ended March 31, 2019 Sales.... .... Cost of goods sold ................. Gross profit....... Operating expenses Sales salaries.... Rent expense Depreciation ..... Utilities Miscellaneous..... Total operating expenses....... Net income... $52,000 24,000 12.000 1.600 2.800 104.400 $219.600 Instructions Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2020. (Show computatione