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Check my work Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent sales agents to market its products. These agents are paid a sales commission of 15% for all items sold. 100 points Barbara Cheney, Pittman's controller, has just prepared the company's budgeted income statement for next year as follows: Pittman Company Budgeted Income Statement For the Year Ended December 31 Skipped Sales Manufacturing expenses: $22,000,000 eBook Variable Fixed overhead 9,900,000 3,080,000 12,980,000 Print Gross margin Selling and administrative expenses: 9,020,000 3,300,000Text Commissions to agents Pixed marketing expenses Pixed administrative expenses 154,000* 2,040,000 5,494,000 3,526,000 770,000 2,756, 000 826,800 1,929,200 Net operating income Pixed interest expenses Income before income taxes Income taxes (308) Net income Primarily depreciation on storage facilities. As Barbara handed the statement to Karl Vecci, Pittman's president, she commented, "I went ahead and used the agents' 15% commission rate in completing these statements, but we've just learned that they refuse to handle our products next year unless we increase the commission rate to 20%." "That's the last straw," Karl replied angrily. "Those agents have been demanding more and more, and this time they've gone too far How can they possibly defend a 20% commission rate