Lake Skadar general store sells bottled water with the following operating expenses were provided for the month of April 2020: Sales salaries $25,000 Advertising 3% of monthly sales Sales commissions 2.5% of monthly sales Delivery expenses $2,500 Rent expense $10,500 Amortization $580 Utilities $800 Insurance $1,200 Telephone $600 The company budgets cost of goods sold to be 55% of total sales. Expected sales for April and May are $850,000 and $925,000, respectively. The company maintains a merchandise inventory of 20% of the following months cost of goods sold. The companys income tax rate is 30%. Instructions: (a) Calculate a Merchandise Purchases Budget. (a) Calculate a Budgeted Income Statement.