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Lanikai Enterprises reports the year-end information from December 31,2024 as follows: ...

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Accounting

Lanikai Enterprises reports the year-end information from December 31,2024 as follows:
Sales (100,000 units) $500,000
Less: Cost of goods sold 300,000
Gross profit 200,000
Operating expenses (includes $20,000 of depreciation)120,000
Net income $ 80,000
Lanikai is developing the 2025 budget. In 2025, the company would like to increase selling prices by 10%, and, as a result, expects a decrease in sales volume of 5%. The cost of goods sold as a percentage of sales is expected to increase to 62%. Other than depreciation, all operating costs are variable.
Required:
Prepare a budgeted income statement for the year ended December 31,

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