In September 2019 , the budget committee of Jason Company assembles the following data: 1. 2. Cost of goods sold is expected to be 60% of sales. 3. Desired ending merchandise inventory is 20% of the next month's cost of goods sold. 4. The beginning inventory at October 1 will be the desired amount. Prepare the budgeted income staterent for October through gross profit on sales, including a cost of goods sold schedule. JASON COMPANY Budgeted Income Statement For the Month Ended October 31, 2019 Cost of Goods Sold Inventory, October 1 Purchases $ 216000 \( \$ \longdiv { 1 8 0 0 0 0 0 } \) inventory, October 31 Cost of Goods Sold Gross Profit / (Loss)