budgeted income statement

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HARGA STORES (b) Prepare the budgeted multiple-step income statement for June through gross proht. PHAROAH STORES Budgeted Income Statement Attempts: 0 of 3 used Submit Antwer Question 8 of 8 09272 View Polines Show Art History Current Attempt in Progress In May 2022, the budget committee of Pharoah Stores assembles the following data in preparation of budged merchandise purchases for the month of June 1 2 Expected sales: June 5560.000, July 5672.000 Cost of goods sold is expected to be 75% of sales Desired ending merchandise inventory is 30% of the following next month's cost of goods sold The beginning inventory at June 1 will be the desired amount 3 Your Answer Correct Answer Used) 1 Your Answer Correct Answer (Used) Compute the budgeted merchandise purchases for June PHAROAH STORES Merchandise Purchases Budget For the Month Ending June 30, 2022 Budgeted Cost of Goods Sold 420,000 151.200 Add : Desired Ending Merchandise Inventory 571.200 Total Materials Required 126,000 Less Beginning Merchandise Inventory $ 445 200 Required Merchandise Purchases (b) Prepare the budgeted multiple-step income statement for June through gross profit. PHAROAH STORES Budgeted Income Statement $ Attempts: 0 of 3 used Submit Anne Save for Later