1 The budget committee of Sheffield Company collects the following data for its San Miguel Store in preparing budgeted Income statements for May and June 2022 Sales for May are expected to be $1.280,000. Sales in June and July are expected to be 5% higher than the precedine month Cost of goods sold is expected to be 75% of sales Company policy is to maintain ending merchandise inventory at 10% of the following month's cost of goods sold. Operating expenses are estimated to be as follows: 2 3. 4 Sales salaries Advertising Delivery expense Sales commissions Rent expense $31.500 per month 6% of monthly sales 2 % of monthly sales 5% of monthly sales 95.210 per month 5810 Depreciation per month Utilities 5650 per month Insurance 5520 per month 5. Interest expense is $2.000 per month. Income taxes are estimated to be 20% of income before locometres MBORA 6 = Prepare budgeted multiple-step income statements for each month in columnar form Show in the statements the details of cost of goods sold SHEFFIELD COMPANY San Miguel Store Budgeted Income Statement May June Question 3 of 3