Mansfield Information Systems $($MIS$)$ is an IT support firm. Managers and staff are billed to clients on an hourly basis. The senior

administrative staff does not directly provide client support. Because of the clientele of MIS, there is significant fluctuation from month

to month.

Managers are billed to clients at a rate of $$830$ per hour and staff at a rate of $$415$ per hour. Managers are paid $$340$ per hour worked

$($including nonbillable time$),$ and staff are paid $$195$ per hour. The current plan calls for managers to bill $930$ hours in November and

$750$ hours in December. Staff are expected to bill $6,360$ hours in November and $5,060$ hours in December. Managers will work a total

of $1,380$ hours in both months, and staff will work a total of $8,060$ hours in November and $7,300$ hours in December.

Other monthly costs $($all fixed$)$ are $$756,500$ selling, general, and administrative, $$156,500$ in depreciation, and $$263,000$ in marketing.

Required:

Prepare a budgeted income statement for Mansfield Information Systems for November and December $($separately$).$

${?}^{**}$ Red text indicates no response was expected in a cell or a formula$-$based calculation is incorrect; no points deducted.