Preparing budgeted income statement Gyro Company has the following totals from its operating...

Preparing budgeted income statement

Gyro Company has the following totals from its operating budgets:

Cost of goods sold budget	244,500
Cost of goods sold budget	727,300
Sales budget	1,222,700

Prepare a budgeted income statement for the year ended December 31, 2011, assuming that income from operations is taxed at a rate of 30%.