The budgut committee of Suppar Compeny collects the following data for its San Migue Store in preparing budgeted income. statements for May and lune 2020. 1. Sales for May are expected to be $800,000. Sales in June and July are expocted to be 5% higher than the preceding month. 2. Cost of goods sold is expected to be 75% of sales. 3. Compary policy is to maintain ending marchandise inventory at 10 of the following moneh's cost of goods sold 4. Operating expenses are estimated to be as follows: 5. Interest epenes is $2.000 per month income tawes are estimated to be JON of income before lincome taos br moseh mali