Question1

possible yo Fielding Labs performs a specialty lab test for local companies for $45 per test. For the upcoming quarter, Fielding Labs is projecting the following sales: January February March Number of lab tests 5,100 4,100 5,300 The budgeted cost of performing each test is $20. Operating expenses are projected to be $58,000 in January, $57,000 in February, and $60,000 in March. Fielding 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 or w Quarter Fielding Labs Budgeted Income Statement For the Quarter Ended March 31 January February March Sales Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Income tax expense Net income