In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing the merchandise purchases budget for the month of June: 1 Expected sales June 5521,000, July 5588.000. 2 Cost of goods sold is expected to be 75% of sales. 3 Desired ending merchandise inventory is 30% of the following month's cost of goods sold. 4 The beginning inventory at June 1 will be the desired amount Calculate the budgeted merchandise purchases for June Budgeted merchandise purchases $ e Textbook and Media Question Part Score --/2 Prepare the budgeted income statement for June through gross profit on sales BIG JIM STORES Budgeted Income Statement For the Month Ending June 30, 2020 Current Attemptin Progress Lockwood Company combines its operating expenses for budget purposes in a selling and administrative expenses budget. For the first six months of 2020, the following data are available: 1 Sales 20,500 units in quarter 1:21.400 units in quarter 2 2 Variable costs per dollar of sales: sales commissions 5%; delivery expense 2%; and advertising 4% Fbed costs per quarter sales salaries $11,000 office salaries 58,600; depreciation $3.900; insurance $1,500, utilities 5700and repairs expense 5500 3. 4. Unit selling price: $20 Prepare a selling and administrative expenses budget by quarters for the first six months of 2020. LOCKWOOD COMPANY Selling and Administrative Expenses Budget For the Sox Months Ending June 30, 2020 1 2 Total $ $ $