\begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Mansfield Information Systems } \\ \hline \multicolumn{5}{|c|}{ Budgeted Income Statement } \\ \hline & \multicolumn{2}{|c|}{ November } & \multicolumn{2}{|c|}{ December } \\ \hline \multicolumn{5}{|l|}{ Revenues: } \\ \hline \multicolumn{5}{|l|}{ Managers } \\ \hline \multicolumn{5}{|l|}{ Staff } \\ \hline Total revenue & $ & 0 & $ & 0 \\ \hline \multicolumn{5}{|l|}{ Expenses: } \\ \hline \multicolumn{5}{|l|}{ Manager pay } \\ \hline \multicolumn{5}{|l|}{ Staff pay } \\ \hline Total compensation & $ & 0 & $ & 0 \\ \hline \multicolumn{5}{|c|}{ Selling, general, and administrative } \\ \hline \multicolumn{5}{|l|}{ Depreciation } \\ \hline \multicolumn{5}{|l|}{ Marketing } \\ \hline Total expenses & $ & 0 & $ & 0 \\ \hline Income (loss) & $ & 0 & $ & 0 \\ \hline \end{tabular} Mansfield Information Systems (MIS) is an IT support firm. Managers and staff are billed to clients on an hourly basis. The senior administrative staff does not directly provide client support. Because of the clientele of MIS, there is significant fluctuation from month to month. Managers are billed to clients at a rate of $780 per hour and staff at a rate of $390 per hour. Managers are paid $290 per hour worked (including nonbillable time), and staff are paid $170 per hour. The current plan calls for managers to bill 880 hours in November and 700 hours in December. Staff are expected to bill 6,260 hours in November and 4,960 hours in December. Managers will work a total of 1,280 hours in both months, and staff will work a total of 7,960 hours in November and 6,800 hours December. Other monthly costs (all fixed) are $754,000 selling, general, and administrative, $154,000 in depreciation, and $258,000 in marketing. Required: Prepare a budgeted income statement for Mansfield Information Systems for November and December (separately)