Both are in same format as pictured in B.

Daniel Singh, the controller of Meier Corporation, is trying to prepare a sales budget for the coming year. The income statements for the last four quarters follow. Third First Second Fourth Quarter Quarter Quarter Quarter Total Sales revenue $179,000 $209,000 $219,000 $269,000 $876,000 Cost of goods sold 89,500 104,500 109,500 134,500 438,000 Gross profit 89,500 104,500 109,500 134,500 438,000 Selling & admin. expenses 17,900 20,900 21,900 26,900 87,600 Net income 71,600 83,600 87,600 $107,600 $350,400 Historically, cost of goods sold is about 50 percent of sales revenue. Selling and administrative expenses are about 10 percent of sales revenue. Joe Meier, the chief executive officer, told Mr. Singh that he expected sales next year to be 15 percent for each respective quarter above last year's level. However, Ashley Odom, the vice president of sales, told Mr. Singh that she believed sales growth would be only 10 percent. Required a. Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Meier's estimate