The following budgets were prepared for Gary’s Jean Store:

Required: Prepare a budgeted income statement for the second quarter of 2004 for Gary’s Jean Store.

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Gary's Jean Store Sales Budget For the Quarter Ended June 30, 2004 Budgeted Sales in Units x Budgeted Sales Price = Budgeted Sales Dollars Apr 300 May Jun Total 350 400 1,050 $ 27 $ 27 27 $ 27 $8,100 $9,450 $10,800 $28,350 Gary's Jean Store Cost of Goods Sold Budget For the Quarter Ended June 30, 2004 Budgeted Sales in Units Apr 300 May Jun Total 350 400 1,050 x Budgeted Cost per Unit $ 14 = Budgeted Cost of Goods Sold $4,200 $ 14 $4,900 14 14 $5,600 $14,700 Gary's Jean Store Selling and Administrative Expense Budget For the Quarter Ended June 30, 2004 Apr May Jun Total Salaries and Wages $1,800 $2,200 $1,900 $5,900 Rent 500 500 500 1,500 Depreciation 100 100 100 300 Other 600 900 800 2,300 Budgeted Sales Dollars $3,000 $3,700 $3,300 $10,000