St$.$ Germaine Labs performs a specialty lab test for local companies for $$58$ per test. For the upcoming quarter, St$.$ Germaine Labs is projecting the following sales:

$\backslash$table$[[,$January,February,March$],[$Number of lab tests. $.....,5,900,4,400,5,200]]$

The budgeted cost of performing each test is $$34.$ Operating expenses are projected to be $$60,000$ in January, $$57,000$ in February, and $$63,000$ in March. St$.$ Germaine 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.

Prepare the budgeted income statement by first calculating the operating income, then calculate the net income.

St$.$ Germaine Labs

Budgeted Income Statement

For the Quarter Ended March $31$

$\backslash$table$[[$Sales$,],[$Less: Cost of goods sold,$],[$Gross profit,$],[$Less: Operating expenses,$],[$Operating income,$],[$Less: Income tax expense,$],[$Net income,$]]$