## Answers

Solution

Fielding Motors | |||||

Budgeted Income statement | |||||

Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | |

Sales | $ 3,774,000 | $ 3,924,960 | $ 4,121,208 | $ 4,409,693 | $ 16,229,861 |

Cost of goods sold | $ 1,698,300 | $ 1,766,232 | $ 1,854,544 | $ 1,984,362 | $ 7,303,437 |

Gross profit | $ 2,075,700 | $ 2,158,728 | $ 2,266,664 | $ 2,425,331 | $ 8,926,423 |

Operating expense | $ 1,132,200 | $ 1,177,488 | $ 1,442,423 | $ 1,102,423 | $ 4,854,534 |

Operating income | $ 943,500 | $ 981,240 | $ 824,242 | $ 1,322,908 | $ 4,071,889 |

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