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.