cycle 1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available $ 294,800 Sales revenue (440 units @ $670 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative costs Fixed costs (cash) Depreciation (fixed) Total costs Operating profits 24,000 25,900 IS 66,300 24,600 $140,800 $154,000 Sales volume is expected to increase by 10 percent in November, but the sales price is expected to fall 5 percent manufacturing costs are expected to increase by 2 percent per unit in November. In addition to these cost chang manufacturing costs also will change with sales volume. Marketing and administrative cash costs are expected to percent Cycle-1 operates on a cash basis and maintains no inventories. Depreciation is fixed and should remain unchange years Required: Prepare a budgeted income statement for November. (Do not round intermediate calculations.)