PA2. LO 7.2 The data shown were obtained from the financial records of Italian Exports, Inc., for March: $560,000 567,923 294,823 10%* 50,320 Estimated sales Sales Purchases Ending inventory Administrative salaries Marketing expense Sales commissions Rent expense Depreciation expense Utilities Taxes 5%** 2%** 7,500 1,100 2,500 1596*** *of next month's sales **of sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Solution 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 Cost of Goods Sold Gross Profit Operating Expenses Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities Total Operating Expenses Income from Operations Income Tax Expense Net Income (loss)