Screen Shot 2022-... The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales Sales $540,000 567,917 Purchases 294,830 Ending Inventory* 10% Administrative Salaries 50,360 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,600 Taxes*** 15% *of next month's sales **of estimated sales *** of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales Screen Shot 2022-... Budgeted Income Statement For the Month Ending Mar. 31, 2020 Cost of Goods Sold Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 540,000 294,830 17 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 Sales Cost of Goods Sold Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 540,000 x 294,830 Foodback Check My Work Beginning inventory uses the ending inventory percentage and estimated sales to determine the beginning inventory amount. Apply the other percentages as applicable to determine the required amounts as specified.