Kerwin Labs performs a specialty lab test for local companies for $50 per test. For the upcoming quarter, Kerwin L projecting the following sales January February March The budgeted cost of perfuming each test w $22. Operating expenses are projected to be 100.000 in my $51,000 in February and $61,000 in March Kerwin Labs is subject to a corporate tax rate of 30% Number of lab tests 5900 4.500 5.300 Prepare the budgeted income statement by first calculating the operating income, then catulate the net income Kerwin Labs Budgeted Income Statement For the Quarter Ended March 31 Less: Cost of goods sold Gross prott Less: Operating expenses Operating income Less Income tax expense Ne income January February March Quarter Korwin Labe performs a specialty lab test for local companies for $50 per test. For the upcoming garter, Kara projecting the folowing s January February March The budgeted cost of performing each test is $22. Opwing expenses are projected to be $60,000 in January $51,000 in vary, and $1,000 in March Kerwin Las subject to a corporate la cate of 30% Requirement Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter Number of lab tests 5,900 4.500 5300 Prepare the budgeted income statement by first calculating the operating income, then com Kerwin La Budgeted Income Statement For the Quarter Ended March 31 January Sales Less: Cost of goods sold Gro Less Operating Less income tax Net income February March Quarter