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.

SHERIDAN STORES Budgeted Income Statement (Partial) choose the accounting period For the Quarter Ending June 30, 2022For the Month Ending June 30, 2022June 30, 2022
select an income statement item Total Materials RequiredUnits to Be ProducedSalesBeginning Merchandise InventoryGross ProfitRequired Merchandise PurchasesDesired Ending Merchandise InventoryBudgeted Cost of Goods Available for SaleDirect Materials PurchasesCost of Goods Sold		$ enter a dollar amount
select an income statement item Gross ProfitDesired Ending Merchandise InventoryUnits to Be ProducedDirect Materials PurchasesSalesRequired Merchandise PurchasesTotal Materials RequiredCost of Goods SoldBudgeted Cost of Goods Available for SaleBeginning Merchandise Inventory		enter a dollar amount
select a closing name for this statement Required Merchandise PurchasesBudgeted Cost of Goods Available for SaleGross ProfitDirect Materials PurchasesDesired Ending Merchandise InventoryTotal Materials RequiredBeginning Merchandise InventorySalesUnits to Be ProducedCost of Goods Sold		$ enter a total amount for this statement