Cycle-1 is a fast-growing start-up firm that manufactures

Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October:

Sales revenue (300 units @ $600 per unit) $180,000
Less
   Manufacturing costs
Variable costs $26,000
Depreciation (fixed) $27,540
   Marketing and administrative costs
Fixed costs (cash) $67,500
Depreciation (fixed) $22,860
   Total costs $143,900
Operating profits $36,100

Sales valume is expected to increase by 20% in November, but the sales price is expected to fall 10%. Variable manufacturing costs are expected to increase by 4% per unit in November. In addition to these cost changes, variable manufacturing casts also will change with sales volume. Marketing and administrative cash costs are expected to increase by 8%.

Cycle-1 operates on a cash basis and maintains no inventories. Depreciation is fixed and should remain unchanged over the next three years.

Required

Prepare a budgeted income statement for November.

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