The budget committee of Concord 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 $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 months cost of goods sold.
4.		Operating expenses are estimated to be as follows:

Sales salaries		$30,600		per month
Advertising		6	%	of monthly sales
Delivery expense		2	%	of monthly sales
Sales commissions		5	%	of monthly sales
Rent expense		$5,150		per month
Depreciation		$860		per month
Utilities		$700		per month
Insurance		$550		per month

! Prepare budgeted multiple-step Income statements for each month in columnar form. Show in the statements the details of cost of goods sold CONCORD COMPANY San Miguel Store Budgeted Income Statement For the Months of May and June 2022: May June Sales Cost of Goods Sold Beginning inventory . Purchases Cost of Goods Available for Sale Less :: Ending Inventory Cost of Goods Sold Gross Proht Operating Expenses Insurance Sales salaries Advertisine Delivery Sales Commissions Rent Depreciation . interest . Total Operating pense Income before income Tours Income Tax Expert View Policies Show Attempt History Current Attempt in Progress 1 The budget committee of Concord Company collects the following data for its San Miguel Store in preparing budgeted Income statements for May and June 2022 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 polley 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 experse Depreciation Utilities $30.600 per month 6 % of monthly sales 2% of monthly sales 5 % of monthly sales $5,150 per month 5860 per month $700 per month rurance 5550 per month 5. Interest expense is $2.000 per month. Income taxes are estimated to be 20% of income before income taxes