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The budgct committee of Concord Company collects the following data for its 5 an MiguelStore in preparing budzeted income statements for May and June 2022 1. Sales lor Mayy are expected to be $1,120,000. Sales in June and July are expected to be 5 . higher than the orecedins month. 2. Cost of goods sold is expected to be 75W of sales: 3. Company pollcy is to maintain ending merchandise inventory at 10 of the following month's cost of goods sold. 4. Operating expenses are estimated to be as follows: 3. Interest exptme is $2,000 per month. Income tawes are estimated to be 20 S of income betore lncome taxes. CONCORD COMPANY San Miguel store Merchandise Purchases Budget For the Months of May and June, 2022 Prepare budseted multiple-steo income statements for each month ln columnar form. Show in the statements the details-of cost of goods soid. Rent Depreciation Income Tax Expense Purchases Income from Operations Cost of Goods Sold Gross Profit Net Income / (Loss) Interest Expense Income Before Income Taxes Utilities Ending Inventory Delivery Sales Operating Expenses Total Operating Expenses Beginning Inventory Insurance Sales Commissions Cost of Gonds Available for Sale