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In September 2022, the budget committee of Novak Company assembles the following data: 1. 2. 3. 4. Expected Sales October $1,900,000 1,670,000 1,560,000 Cost of goods sold is expected to be 60% of sales. Desired ending merchandise inventory is 20% of the next month's cost of goods sold. The beginning inventory at October 1 will be the desired amount. November December Prepare the budgeted income statement for October through gross profit on sales, including a cost of goods sold schedule. Prepare the budgeted income statement for October through gross profit on sales, including a cost of goods sold schedule. NOVAKCOMPANY Budgeted Income Statement