In May 2022, the budget committee of Cullumber Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.

1.

Expected sales: June $530,000, July $636,000.

2.

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

3.

Desired ending merchandise inventory is 30% of the following (next) months cost of goods sold.

4.

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

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

CULLUMBER STORES Budgeted Income Statement choose the accounting period For the Month Ending June 30, 2022For the Quarter Ending June 30, 2022June 30, 2022
select an income statement item Gross ProfitSalesTotal Materials RequiredDesired Ending Merchandise InventoryCost of Goods SoldDirect Materials PurchasesUnits to Be ProducedBudgeted Cost of Goods Available for SaleRequired Merchandise PurchasesBeginning Merchandise Inventory		$enter a dollar amount
select an income statement item Cost of Goods SoldBudgeted Cost of Goods Available for SaleDesired Ending Merchandise InventoryBeginning Merchandise InventoryUnits to Be ProducedDirect Materials PurchasesRequired Merchandise PurchasesGross ProfitSalesTotal Materials Required		enter a dollar amount
select a summarizing line for the first part Budgeted Cost of Goods Available for SaleBeginning Merchandise InventoryCost of Goods SoldUnits to Be ProducedTotal Materials RequiredRequired Merchandise PurchasesDesired Ending Merchandise InventorySalesGross ProfitDirect Materials Purchases		$enter a total amount for the first part