Henry is preparing a set of budgets for the quarter ending December 2021. Information is as under: Expected sales $380,000 Cost of goods sold $46,000 Electricity expenses $6,000 Advertising expenses $11,000 Sales staff salaries $120,000 Manager's salary $95,000 Bank charges Telecommunication Workcover $1000 $12,000 4% of salaries Superannuation 10% of salaries Required: Prepare an income statement budget for the quarter ending December 2021. Brendon is a retailer of electrical home wares. He divides the store's inventory into: TV Sound equipment Budgeted sales for the quarter ending December 2020 are as under: Oct Nov Dec Jan TV $362,250 $369,495 $351,020 $351,020 Sound equipment $265,200 $270,504 $275,914 $286,951 Brendon sets the selling price of goods by marking up the cost of purchases by 100% for all categories. He likes to keep enough stocks to meet expected sales as follows: TV: 85% of the cost of expected sales for next month Sound equipment: 75% of the cost of expected sales for next month Required: Prepare a purchases budget and a cost of goods sold budget for the quarter ending December 2020.