The Master Budget and udgeted income statement (Learning Objective 2) ich Specialty Foods produces a specialty chocolate chip cookie that is solo s by the case o o per case. For the upcoming quarter, Grandma's Touch is A Prepare a budgete Grandma's Touch s Budget and Responsibility Accounting hotel chains projecting the ecting the following sales: Cases of cookies January 5,000 February 4,500 March 5,700 budgeted cost of manufacturing each case is $23. Operating expenses are projected 58.000 in January, $53,000 in February, and $61,000 in March. Grandma's Touch quarter is $166,88 to be $58,000 in Janu is subject to a corporate tax rate of 30%. Requirement 1. Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter. E9.28A Prepare a budgeted income statement (Learning Objective 2) Wheels is an exotic car dealership. Sales in the fourth quarter of last year were Check sur $4,000,000. Suppose its Sherbrooke office projects that its current year's quarterly sales quarter a will increase by 3% in quarter 1, by another 4% in quarter 2, by another 6% in quarter s, and by another 5% in quarter 4. Management expects cost of goods sold to be 50% of revenues every quarter, while operating expenses should be 30% of revenues during each of wenst two quarters, 25% of revenues during the third quarter, and 35% during the fourth quarter