The budget committee of Supper Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2020. 1 2 Sales for May are expected to be $ 800.000. 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: 3. 4. $ 28,500 per month 6 % of monthly sales 2 % of monthly sales 5 % of monthly sales Sales salaries Advertising Delivery expense Sales commissions Rent expense Depreciation Utilities Insurance $5,790 per month $ 910 $ 640 per month per month per month $ 600 5. Interest expense is $2.000 per month. Income taxes are estimated to be 30% of income before income taxes. Prepare the merchandise purchases budget for each month in columnar form. SUPPAR COMPANY San Miguel Store Merchandise Purchases Budget May June $ $