please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.

Felch Tacos is a drive-thru restaurant in a coastal town with significant seasonal changes in business. The owners are trying to decide whether to remain open during the fourth quarter of the year (October through December) given the reduced business. They estimate that the number of meals sold in the fourth quarter will only be 40 percent of those sold in the third quarter. The number of meals sold in the third quarter was 29,000 at an average price of $7.50. The owners plan to offer a somewhat smaller menu during the fourth quarter and expect the average meal to sell for $6. The variable meal costs and the marketing cost per meal are not expected to change. The fixed meal costs will decline by 10 percent and the administrative costs will decline by 20 percent as the restaurant will be open fewer hours. The following cost information is available for third quarter: Meal costs Food costs (variable) % 23,800 Labor (variable) 67,900 Other meal costs (variable) 15,000 Fixed meal costs 19,900 Total meal costs $ 126,600 Marketing and administrative costs Marketing (variable with respect to meals) 14,000 Administrative (fixed) 17,000 Total marketing and administrative costs $ 31,000 Total costs $ 157,680 Required: Prepare a budgeted income statement for the fourth quarter. Note: Do not round intermediate calculations. R Total meal costs _ Marketing and administrative: _ Total marketing and administrative costs _