Barrett Labs Performs A Specialty Lab Test For Local Companies

Barrett Labs performs a specialty lab test for local companies for $52 per test. For the upcoming quarter, Barrett Labs is projecting the following sales:

The budgeted cost of performing each test is $25. Operating expenses are projected to be $61,000 in January, $54,000 in February, and $64,000 in March. Barrett Labs is subject to a corporate tax rate of 30%.
Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter in total.

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