S Weygandt, Managerial Accounting, Be Helgi Sistem Announcements CALCULATOR Problem 1-SA (Part Level Submission) (Video) The budget committee of Super Company colects the following data for its San Miguel Store in preparing budgeted income statements for May and Aune 2020 1. Sales for Mayore expected to be $1,120,000. 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 $30,100 per month Advertising 6% of monthly sales Delivery Den 2% of monthly sales Sales comunissions 5% of money sales $5,390 per month Depreciation $900 per month 1560 per month $510 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 ih columnar form. SUPPAR COMPANY San Miguel Store Merchandise Purchase Budget May June MacBook Pro no ( 2 s 4 3 1 5 6 7 00 9 0 W E R T Y U 0 [ S D G H J L C V B N