The budget committee of Suppar Company collects the following data for its San Miguel 5 tore 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 5x 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 s of the followirg month's cost of goods sold. 4. Operating expenves are estimated to be as follows: 5. Interest expense is $2.000 per month. Income taxes are estimated to be 30x of income before income taxes: Prepare the merchandive purchases budget for each month in columnar form