2.) The budget committee of Lococo Company collects the following data for its San Miguel Store in preparing budgeted income statement for May 2006. - Sales for May expected to be $600,000. Sales in June and July are expected to be 10% higher than the preceding month - Cost of goods sold is expected to be 75% of sales - Operating expenses are estimated to be: SalesSalariesAdvertisingDeliveryexpenseSalesCommissionsRentexpenseDepreciationUtilitiesInsurance$30,0005%ofthemonthlysales3%ofthemonthlysales4%ofthemonthlysales$5,000permonth$800permonth$600permonth$500permonth - Income taxes are estimated to be 30% of income from operations Prepare "budgeted income statement" for May