In May $2022,$ the budget committee of Vaughn Stores assembles the following data for preparing the merchandise purchases budget for the month of June:

Expected sales: June $$493,000$; July $$584,000.$

Cost of goods sold is expected to be $75\%$ of sales.

Desired ending merchandise inventory is $30\%$ of the following month's cost of goods sold.

The beginning inventory at June $1$ will be the desired amount.

Prepare the budgeted income statement for June through gross profit on sales.

VAUGHNSTORES

Budgeted Income Statement For the Month Ending June $30,2022$