The budget committee of Blossom Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2022. 1. Sales for May are expected to be $992,000. 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: 5. Interest expense is $2,000 per month. Income taxes are estimated to be 20% of income before income taxes. Dranara the merrhandica nurrhacech hidast far a arh month in rolumnar form it Purchases Less : Income Tax Expense Income from Operations Income Before Income Taxes Utilities Beginning Inventory Sales Salaries Rent Sales Ending Inventory Net Income / (Loss) Cost of Goods Available for Sale Cost of Goods Sold Insurance Total Operating Expenses Depreciation Operating Expenses Purchases Interest Expense Gross Profit Sales Commissions Advertising Delivery eTextbook and Media