Using the budgeted Income Statement and Balance Sheet provided below:

• Analyze, summarize, and explain the key components of net income as shown in the budgeted statements.
• Evaluate the reasonableness of the budget. Are budgeted targets achievable?
• Identify at least two specific items the company should monitor to achieve their plan.

Please provide a detailed analysis. (Minimum 700 words)

What more information you need?

PANTHER CORPORATION Budgeted Income Statement For Year Ended December 31, Year 2 Revenues Sales revenue $ 2,530,000 Other income 62,000 2$ 2,592,000 Expenses Cost of goods sold Materials $ 963,000 Direct labor 987,000 Variable overhead 629,000 Fixed overhead 77,000 2$ 2,656,000 Beginning inventory 318,000 $ 2,974,000 Ending inventory (320,000) 2,654,000 Selling Salaries 77,000 Commissions 106,000 Promotion and advertising 206,000 389,000 General and administrative Salaries 77,000 Travel 16,500 Office costs 49,000 142,500