Thurman Company Budgeted Income Statement For the Year Ended December 31, 2019 Unit sales Sales Revenue ($700 per unit) $ 1,000 700,000 420,000 Cost of Goods Sold (60% of sales) Gross Profit 280,000 210,000 Selling and Administrative Expenses (30% of sales) $ 70,000 Operating Income 1. Prepare a budgeted income statement with columns for 900 units, 1,000 units, and 1,400 units sold. 2. How might managers use this type of budgeted income statement? 3. How might spreadsheet software such as Excel assist in this type of analysis? Requirement 1. Prepare a budgeted income statement with columns for 900 units, 1,000 units, and 1,400 units sold. Thurman Company Budgeted Income Statement For the Year Ended December 31, 2019 Unit sales 900 1,000 1,400 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Requirement 2. How might managers use this type of budgeted income statement? The budgeted income statement prepared in Requirement 1 is a budget. It allows Thurman's managers to plan for sales level(s). Requirement 3. How might spreadsheet software such as Excel assist in this type of analysis? Technology, such as Excel spreadhseet software, makes it more V to conduct v and prepare a company's If managers have a better understanding of how changes in sales volume and costs are likely to affect , they can if key assumptions turn out to be wrong. rotoro b ove the adHt field and then entite the stote