WaTur City Motors is a chain of car dealerships Sales in the fourth quarter of last year were $4,000,000 Suppose management projects that its current year's quarterly sales will increase by quarter 1, by another 7% in quarter 2 by another in quarto 3and by another 5% in quarter 4. Management expects cost of goods sold to be $5 of revenues every quitter. We operating expenses should be 20% of revenues during each of the first two quarter, 35% of revenues during the third quarter, and 25% during the fourth quarter Requirement Prepare a budgeted income statement for each of the four quarters and for the entire your Prepare the first portion of the budgeted income statement through gross profit, then complete the statement. (Roond the amounts to the nearest whole dar) City Motors Budgeted Income Statement For the upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Sales Less Cost of goods sold Gross profit