B.2.A. The budget committee of Red Rose Company has the following data for preparing budgeted income statement for January 2022. 2- • Sales amount is expected to be $700,000. • Cost of goods sold is...

Extracted text: B.2.A. The budget committee of Red Rose Company has the following data for preparing budgeted income statement for January 2022. 2- • Sales amount is expected to be $700,000. • Cost of goods sold is expected to be 75% of sales • Operating expenses are estimated to be: Sales Salaries $ 30,000 Advertising Delivery expense 5% of the monthly sales 3% of the monthly sales 4% of the monthly sales $ 5,000 per month $ 800 per month $ 600 per month $ 500 per month Sales Commissions Rent expense Depreciation Utilities Insurance • Income taxes are estimated to be 30% of income from operations Prepare "budgeted income statement" for January.