Can you do the same with this post.. E22-33. Budgeted Income Statement with CVP Assume Barnes & Noble is planning a budget for one of its stores. The estimate of sales revenue is $2,000,000 and of cost of goods sold is 70% of sales revenue. Depreciation on the office building and fixtures is budgeted at $36,000. Salaries and wages are budgeted at $375,000. Advertising has been budgeted at $12,000, and other operating costs should amount to $15,000. Income tax is estimated at 20% of operating income. Required a. Prepare a budgeted income statement for next year. Sales Revenue $2,000,000 Cost of Goods Sold ($1,400,000) Gross Profit $600,000 Operating Expenses: Depreciation ($36,000) Salaries and Wages ($375,000) Advertising ($12,000) Other Operating Costs ($15,000) Total Operating Expenses ($438,000) Operating Income $162,000 Income Tax ($32,400) Net Income $129,600 b. Assuming management desired an after-tax income of $150,000, determine the necessary sales volume. Operating Income = Sales Revenue - Cost of Goods Sold - Depreciation - Salaries and Wages - Advertising - Other Operating Costs $2,000,000 - (70% * $2,000,000) - $36,000 - $375,000 - $12,000 - $15,000 $2,000,000 - $1,400,000 - $36,0