Return to Blackboard S heydt Managerial recounting, se Help System Announcements CALCULATOR Problem 9-5A (Part Level Submission) (Video) 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. PRINTER VERSION HACK NEX 1. Sales for May are expected to be $880,000. Sales in June and July are expected to be 5% higher than the preceding month, 2. 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: Sales salaries Advertising Delivery expense Sales commissions Rent expense Depreciation Utilities Insurance $28,000 6% 2 % 5 % $5,100 $810 $610 $510 per month of monthly sales of monthly sales of monthly sales per month per month per month per month S. Interest expense is $2,000 per month. Income taxes are estimated to be 30% of income before Income taxes (a) Your answer is correct. O 18 1:29 PM CALCULATOR PI Your answer is correct. Prepare the merchandise purchases budget for each month in columnar form. SUPPAR COMPANY San Miguel Store Merchandise Purchases Budget For the Months of May and June, 2020 May June Budgeted Cost of Goods Sold 660000 693000 Add Desired Ending Merchandise Inventory 69300 72765 Total 729300 765765 Les Beginning Merchandise Inventory 66000 69300 Required Merchandise Purchases 663300 696465 su Click if you would like to Show Work for this question: Open Show Work Rv arrossinn this channels de la note based on the Rain. Baton Balaset bontmore earch Return to Blackboard Help System Announcements CALCULATOR PRINTER VERSION Your answer is partially correct. Try again. 4 BACK Prepare budgeted multiple-step income statements for each month in columnar form. Show in the statements the details of cost of goods sold. SUPPAR COMPANY San Miguel Store Budgeted Income Statement For the Months of May and June, 2020 May June Sales 880000 924000 Cost of Goods Sold Beginning Inventory 660000 693000 Purchases 663300 696465 Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold arch O 99 1:30 PM 6/19/2020 Return to Blackboard US Weygandt, Managerial Accounting, 8e Help System Announcements Gross Profit Operating Expenses PL Sales Salaries Advertising Delivery Sales Commissions ildilddd illll||| V Rent Depreciation Utilities Insurance search 994 SE blackboara Swey qaydet Managerial Accounting, se Total Operating Expenses > Income from Operations Interest Expense id|| bildid Income Before Income Taxes Income Tax Expense Net Income (Loss) Click if you would like to show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy sett Attempts: 3 of 15 search
