S Wellness Accounting Tools for Barness Decision Making. Se CALCULATOR PRINTER VERSION BACK NEXT Problem 21-5A (Part Level Submission) The budget committee of Litwin Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2014 1. Sales for May are expected to be $807,000. Sales in June and July are expected to be higher than the preceding month 2 Cost of goods sold is expected to be 75% of sales. Company policy is to maintain ending merchandise inventory at 15% of the following month's cost of goods sold 4. Operating expenses are estimated to be: Salaries Advertising Delivery expense Sales commissions Rent expense Depreciation Ubilities Insurance $29,500 per month 6% of monthly sales 39% of monthly sales 5% of monthly sales $5,400 per month $10 per month $650 per month $590 per month 5 Income taxes are estimated to be 30% of income from operations LUS Kimmel, Accounting: Tools for Business Decision Making, Se Help 1 System Announcements. Unread) CALCULATOR PRINTER VERSION CES 5. Income taxes are estimated to be 30% of income from operations Prepare the merchandise purchases budget for each month in columnar form. LITWIN COMPANY San Miguel Store Merchandise Purchases Budget For the Months of May and June, 2014 May June 1 tudy LINK TO TEXT Attempts: 0 of 3 used SAVE FOR LATER SU