The budget committee of Crane Company collects the following data for its San Miguel Store in preparing budgetea income statements for May and June $2022.$

Sales for May are expected to be $$960,000.$ Sales in June and July are expected to be $5\%$ higher than the preceding month.

Cost of goods sold is expected to be $75\%$ of sales.

Company policy is to maintain ending merchandise inventory at $10\%$ of the following month's cost of goods sold.

Operating expenses are estimated to be as follows:

$\backslash$table$[[$Sales salaries,$$30,700,$per month$],[$Advertising$,6\%,$of monthly sales$],[$Delivery expense,$2\%,$of monthly sales$],[$Sales commissions,$5\%,$of monthly sales$],[$Rent expense,$$5,830,$per month$],[$Depreciation$,$$$830,$per month$],[$Utilities$,$$$700,$per month$],[$Insurance$,$$$580,$per month$]]$

Interest expense is $$2,000$ per month. Income taxes are estimated to be $20\%$ of income before income taxes.

prepare budgeted multiple$-$step income statements for each month in columnar form. show in the statements the details of cost of goods sold.