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

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

Sales revenue (480 units @ $660 per unit) $ 316,800
Less
Manufacturing costs
Variable costs 23,000
Depreciation (fixed) 27,400
Marketing and administrative costs
Fixed costs (cash) 66,400
Depreciation (fixed) 23,700
Total costs $ 140,500
Operating profits $ 176,300

Sales volume is expected to increase by 20 percent in November, but the sales price is expected to fall 10 percent. Variable manufacturing costs are expected to increase by 3 percent per unit in November. In addition to these cost changes, variable manufacturing costs also will change with sales volume. Marketing and administrative cash costs are expected to increase by 10 percent.

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. (Do not round intermediate calculations.)

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