PART 4 (20 minutes) Baher Clothing Store is preparing its budget for the coming year. Inventory on August 31 was $176,200. Company's policy that inventory is maintained at 200% of the following month's budgeted cost of goods sold. The cost of goods sold is 40% of sales, and all other variable costs are 10% of sales. Fixed costs are $75,000 per month. Budgeted sales for the last part of the year are as follows September $312,000 October November December $390,000 $208,000 $260,000 Required: 1. Prepare a budgeted income statement for September. 2. Prepare a purchases budget for September and October.