Torres Scooters, Inc. is the wholesale distributor of scooters. The following data is available in the annual budgeting process. Budgeted Sales (Unit) 520 Selling price per unit $2,150 Cost per unit $1,725 Variable Selling and $80 Administrative expenses per unit Fixed Selling and Administrative $125,000 expenses for the year Income tax expense as a percent of operating income 20% Required: Prepare a budgeted income statement for the year. Enter any deductions as negative numbers. Sales Torres Scooters Inc Budgeted Income Statement Cost of Goods Sold Gross Margin Total Selling and Administrative Expenses Operating Income Income Tax Expense 1118000 221000 54400 Total Selling and Administrative Expenses Operating Income Income Tax Expense Net Income 54400 43520