Question 3 of 3 -13 View Policies Current Attempt in Progress The budget committee of Suppar Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2020. 1 AWN 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. Company policy is to maintain ending merchandise inventory at 10% of the following month's cost of goods sold. Operating expenses are estimated to be as follows: Sales salaries Advertising Delivery expense Sales commissions Rent expense Depreciation Utilities Insurance $28,400 per month 6 6 of monthly sales 296 of monthly sales 596 of monthly sales $5,770 per month $880 per month $6.20 Per month $550 per month Interest expense is $2.000 per month income tags are estimated to be 30% of income before income taxes sulance $550 per month 5. Interest expense is $2.000 per month. Income taxes are estimated to be 30% of income before income taxes. Prepare the merchandise purchases budget for each month in columnar form. SUPPAR COMPANY San Miguel Store Merchandise Purchases Budget May June > eTextbook and Media in columnar form. Show in the statements the details of Prepare budgeted multiple step income statements for each month in columnar form Show in the statements the details cost of goods sold. SUPPAR COMPANY San Miguel Store Budgeted Income Statement May June > >> >> > > Question 3 of 3 e Textbook and Media