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Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October:

Sales revenue (510 units @ $710 per unit)	$	362,100
Less
Manufacturing costs
Variable costs		24,000
Depreciation (fixed)		26,600
Marketing and administrative costs
Fixed costs (cash)		65,300
Depreciation (fixed)		24,600
Total costs	$	140,500
Operating profits	$	221,600

Sales volume is expected to increase by 10 percent in November, but the sales price is expected to fall 5 percent. Variable manufacturing costs are expected to increase by 3 percent per unit in November. In addition to these cost changes, variable manufacturing costs also will change with sales volume. Marketing and administrative cash costs are expected to increase by 5 percent.

Cycle-1 operates on a cash basis and maintains no inventories. Depreciation is fixed and should remain unchanged over the next three years.

Required:

Prepare a budgeted income statement for November. (Do not round intermediate calculations.)

	CYCLE-1 Budgeted Income Statement For the month of November Less Manufacturing costs: Total manufacturing costs Less Marketing and Administrative Total marketing and administrative costs

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