# Question

Grecian Inc. has the following totals from its operating budgets:
Selling and administrative expenses budget . . . . . . . . . . . . . \$ 244,500
Cost of goods sold budget . . . . . . . . . . . . . . . . . . . . . . . . . . 727,300
Sales budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,222,700
Prepare a budgeted income statement for the year ended December 31, 2013, assuming that income from operations is taxed at a rate of 30%.

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