In September 2022, the budget committee of Novak Company assembles the following data: 1. Expected Sales October $1,900,000 November 1,670,000 2. December 1,560,000 Cost of goods sold is expected to be 60% of sales. Desired ending merchandise inventory is 20% of the next month's cost of goods sold. The beginning inventory at October 1 will be the desired amount. 3. 4. Prepare the budgeted income statement for October through gross profit on sales, including a cost of goods sold schedule. NOVAKCOMPANY Budgeted Income Statement For the Month Ended October 31, 2022 NOVAKCOMPANY Budgeted Income Statement For the Month Ended October 31, 2022 Sales 1900000 Cost of Goods Sold Inventory, October 1 Purchases Cost of Goods Available for Sale Less : up Inventory, October 31 Cost of Goods Sold Gross profit