Current Attempt in ProgressThe budget committee of Oriole Company collects the following data for its Cullumber Store in preparing budgeted income statements for July and August $2022$:$1.$ The store expects sales for July to be $$482,000$; for August, $$508,000$; and for September, $$560,000\mathrm{.}2.$ It expects the cost of goods sold to be $60\%$ of sales$\mathrm{.}3.$ Company policy is to maintain ending merchandise inventory at $20\%$ of the following month's cost of goods sold$\mathrm{.}4.$ Operating expenses are estimated as follows:$-/30$ E:Sales salaries$$52,000$ per monthRent expense$$3,300$ per monthAdvertising$4\%$ of monthly salesDepreciation$800$ per monthDelivery expense$2\%$ of monthly salesUtilities$500$ per monthSales commissions$3\%$ of monthly salesInsurance$300$ per month$5.$ Income taxes are estimated to be $30\%$ of the income from operations.