Help Save & Exit Submit Check my work Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: $352,000 Sales revenue (550 units e$640 per unit) Less Manufacturing coats Variable costs Depreciation (tixed) Marketing and administrative cont Fixed costa cash) Depreciation (Lxed) Total conto Operating profits 23.000 27,800 66.900 23.900 5141.600 $210,400 Sales volume is expected to increase by 20 percent in November, but the sales price is expected to fall 10 percent. Variable manufacturing costs are expected to increase by 3 percent per unit in November. In addition to these cost changes, variable manufacturing costs also will change with sales volume. Marketing and administrative cash costs are expected to increase by 5 percent Cycle-1 operates on a cash basis and maintains no inventories. Depreciation is fixed and should remain unchanged over the next three years Required: Prepare a budgeted income statement for November (Do not round intermediate calculations.)