eBook Chapter 7 Problem Set Print Item The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $540,000 Sales 567,927 Purchases 294,829 Ending Inventory 10% Administrative Salaries 50,320 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,300 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales Cost of Goods Sold Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory 62,472 X Cost of Goods Sold Gross Profit Operating Expenses Administrative Salaries Marketing Expenses 28,396.35 X Sales Commissions 56,793 X 294,829 han 50,320 11,258.54 Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,300 390,424.62 x Total Operating Expenses Income From Operations 177,502 x Income Tax Expense 26,625.36 X Net Income 150,877 X