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#7 Budgeted Income statement for Second quarter Manufacturing Inc. Budgeted Income Statement For the Secord Quarter ended June 30, 20XX Sales (Budget #1) Cost of Goods Sold: Beginning Finished Goods Total Manufacturing Costs (Budget #4) Cost of Goods Available for Sale Ending finished goods Budgeted Cost of Goods Sold Gross Profit Less: Selling and administrative expenses (Budget 5) Income before income taxes #8 What if the company decides to lay off one of the part-time administrative staff. The monthly salaries will be reduced by $5,000, list all budgets that will change? Why? What is the New Net income(Loss) for the quarter?