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1. The management of Sunshine Inn wishes to budget the income statement for 2011 by using the income statement from the prior year. The income statement in 2010 was as follows: Total Revenues $100,400 Expenses Labor (FC) $12,000 Labor (VC) $ 18,000 Cost of Goods Sold (COGS) (VC) $36,000 Supplies (VC) $3,200 Energy (VC) $2,620 Promotion (VC) $1,300 Maintenance (FC) $2,000 Maintenance (VC) $1,200 Property Taxes (FC) $800 Depreciation (FC) $1,000 Rent (FC) $850 Insurance (FC) $625 Total Expenses $79,595 Net Income $20,805 The management has come up with several budgeting assumptions as (a) total revenues are expected to increase by 10.00%, (b) total fixed costs are expected to increase by 5.00%, and (c) total variable costs are projected to increase proportionally with the increase in total revenue. Based on the income statement of 2010 and the budgeting assumptions, budget the income statement of 2011 for Sunshine Inn