In September $2022,$ the budget committee of Pina Colada Company assembles the following data:

Expected Sales

Cost of goods sold is expected to be $60\%$ of sales.

Desired ending merchandise inventory is $30\%$ of the next month's cost of goods sold.

The beginning inventory at October $1$ will be the desired amount.

Prepare the budgeted income statement for October through gross profit on sales, including a cost of goods sold schedule.