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 $800,000. 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 imventory 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 taxns are estimated to be 30% of inconse before income taxes Prepare the merchandise purchases budket for each month in columnar form