Accounting. Fill in the blanks, thank you!

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The budget committee of Vaughn Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2022. 1. 2. 3. 4. Sales for May are expected to be $1,200,000. Sales in June and July are expected to be 5% higher than the preceding 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: Sales salaries Advertising Delivery expense Sales commissions $28,400 per month 6% of monthly sales 2% of monthly sales 5% of monthly sales Rent expense Depreciation Utilities Insurance 5. $5,770 $880 $620 $550 per month per month per month per month Interest expense is $2,000 per month. Income taxes are estimated to be 20% of income before income taxes. Prepare the merchandise purchases budget for each month in columnar form. Budgeted Cost of Goods Sold Add Total VAUGHN COMPANY San Miguel Store Merchandise Purchases Budget For the Months of May and June, 2022 V : Desired Ending Merchandise Inventory $ May $ June Less : Beginning Merchandise Inventory Required Merchandise Purchases $ $ Prepare budgeted multiple-step income statements for each month in columnar form. Show in the statements the details of cost of goods sold. Sales Cost of Goods Sold Beginning Inventory VAUGHN COMPANY San Miguel Store Budgeted Income Statement For the Months of May and June, 2022 $ May $ June Purchases Cost of Goods Available for Sale Less v: Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Sales Salaries Advertising TU 19 Delivery Sales Commissions Rent Depreciation Utilities Insurance otal Operating Expenses Income from Operations Interest Expense Income Before Income Taxes Income Tax Expense Net Income /(Loss) $ $