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

1.		Expected sales: June $440,000, July $528,000.
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.

SHERIDAN STORES Budgeted Income Statement (Partial) choose the accounting period For the Month Ending June 30, 2022June 30, 2022For the Quarter Ending June 30, 2022
select an income statement item Budgeted Cost of Goods Available for SaleGross ProfitBeginning Merchandise InventoryDirect Materials PurchasesTotal Materials RequiredUnits to Be ProducedDesired Ending Merchandise InventoryCost of Goods SoldSalesRequired Merchandise Purchases		$enter a dollar amount
select an income statement item SalesBeginning Merchandise InventoryGross ProfitDirect Materials PurchasesUnits to Be ProducedBudgeted Cost of Goods Available for SaleTotal Materials RequiredCost of Goods SoldRequired Merchandise PurchasesDesired Ending Merchandise Inventory		enter a dollar amount
select a closing name for this statement SalesBeginning Merchandise InventoryRequired Merchandise PurchasesUnits to Be ProducedCost of Goods SoldDirect Materials PurchasesBudgeted Cost of Goods Available for SaleTotal Materials RequiredGross ProfitDesired Ending Merchandise Inventory		$enter a total amount for this statement