Script Mill has just completed their 5th year in business. They have reported the following information for December 2022.

Budgeted Sales	$ 560,000
Actual Sales	$ 567,923
Purchases	$ 294,823
Beginning Inventory	$ 56,000
Ending Inventory (% of next months sales)	10%
Admin Salaries	$ 50,320
Marketing Expense (% of budgeted sales)	5%
Sales Commissions (% of budgeted sales)	2%
Rent Expense	$ 7,500
Depreciation Expense	$ 1,100
Utilities	$ 2,500
Taxes (% of income from operations)	15%

Script Mill has seen sales increase at a rate of 10% in the past. They anticipate this trend to continue. Prepare a budgeted income statement - complete the items below.

*Type your response with no commas or decimals

Sales

Answer for part 1

Cost of Goods Sold:

Beginning Inventory

Answer for part 2

Purchases

Answer for part 3

Cost of Goods Available for Sale

Answer for part 4

Ending Inventory

Answer for part 5

Cost of Goods Sold

Answer for part 6

Gross Profit

Answer for part 7

Operating Expenses:

Administrative Salaries

Answer for part 8

Marketing Expenses

Answer for part 9

Sales Commissions

Answer for part 10

Rent Expense

Answer for part 11

Depreciation Expense

Answer for part 12

Utilities

Answer for part 13

Total Operating Expenses

Answer for part 14

Income from Operations

Answer for part 15

Income Tax Expense

Answer for part 16

Net Income (loss)