system Announcements CALCULATOR PRINTER VERSION BAC 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. 1. 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. 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 $30,000 6% 2% 5% per month of monthly sales of monthly sales of monthly sales per month per month per month per month $5,390 per $910 $710 $560 5. Interest expense is $2,000 per month. Income taxes are estimated to be 30% of income before income taxes. Your answer is partially correct. Try again. Prepare the merchandise purchases budget for each month in columnar form SUPPAR COMPANY San Miguel Store Merchandise Purchase Budget For the Months of May and lune, 2020 : May CALCULATOR (a) Your answer is partially correct. Try again. 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 1200000 1260000 Add IT Desired Ending Merchandise Inventory 99,225 1359225 1 Less Beginning Merchandise Inventory 90000 1204500 1 T 94500 1264725 Required Merchandise Purchases 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 set by your instructor Attempts: 3 of 15 used SAVE FOR LATER (b)