Question 10 of 10 < > -13 E The budget committee of Vaughn Company collects the...

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Question 10 of 10 < > -13 E The budget committee of Vaughn Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2022. 1, 2. Sales for May are expected to be $1,200,000. Sales in June and July are expected to be 5% higher than the preceding month. Cost of goods sold is expected to be 75% of sales. 3. Company policy is to maintain ending merchandise inventory at 10% of the following month's cost of goods sold. 4. Operating expenses are estimated to be as follows: per month 6 % of monthly sales 2 % of monthly sales 5% of monthly sales Sales salaries $28,400 Advertising Delivery expense ere to search Sales commissions Rent expense Depreciation $5,770 per month $880 per month O Question 10 of 10 < > -13 E The budget committee of Vaughn Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2022. 1, 2. Sales for May are expected to be $1,200,000. Sales in June and July are expected to be 5% higher than the preceding month. Cost of goods sold is expected to be 75% of sales. 3. Company policy is to maintain ending merchandise inventory at 10% of the following month's cost of goods sold. 4. Operating expenses are estimated to be as follows: per month 6 % of monthly sales 2 % of monthly sales 5% of monthly sales Sales salaries $28,400 Advertising Delivery expense ere to search Sales commissions Rent expense Depreciation $5,770 per month $880 per month O