Prepare a budgeted income statement that summarizes activity for the quarter ended June 30, 2015

BUDGETED INCOME STATEMENT BUDGETED INCOME STATEMENT All sales are on account and are budgeted as follows: April, P500,000; May, P600,000; and June, P800,000. Sarah G. collects 60% of its sales in the month of sale and 40% in the following month. Cost of goods sold averages 70% of sales. Purchases total 75% of the following month's sales and are paid in the month following acquisition. Selling and administrative expenses total P80,000 per month and are paid when incurred. Monthly depreciation amounts to P15,000