In May $2025,$ the budget coimmittee of Oriole Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.

Expected sales: June $$520,000,$ July $$624,000.$

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.

$($a$).$

$($b$)$

Prepare the budgeted multiple$-$step income statement for June through gross profit.

ORIOLE STORES

Budqeted Income Statement $($Partial$)$

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