Labs performs a specialty lab test for local companies for $ 48 per test. For the upcoming quarter, Bentfield Labs is projecting the following sales: January 5,000 February 4,500 March 5,200 Number of lab tests . . . . . The budgeted cost of performing each test is $ 21. Operating expenses are projected to be $62,000 in January, $54,000 in February, and $64,000 in March. Bentfield Labs is subject to a corporate tax rate of 30%. Requirement Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter. Prepare the budgeted income statement by first calculating the operating income, then calculate the net income.