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Problem 21-5A The budget commi ee of Litwin Company collects the following data fo San Miguel Store ring d income statements for May and ne 20 14, prep 1. sales for May are expected to be $800,00D. Sales in June and July are expected to be 5% higher than the preceding month Cost of good ected to be 75% of Company policy to maint n ending merchandise in ventory at 15% of the following month's cost of goods sold. Operating expenses are estimated to be $30,000 per mo Sales aries Advertising 6% of monthly sales 3 of monthly sales Delivery expense Sales commission 5% of monthly sales Rent expense $5,000 per month $800 per $500 p Insurance 00 per mol ncome taxes are estimated to be 30% of income from operation Prepare the merchandise p ases budget for eac month in columnar form LITWIN COMPANY San Miguel Store Merchandise Purchases Budget For the Monthsof May and June, 2014 MB June i Beginning DirectMaterials ng Merchand Budgeted Cost of Goocs Sold Desired Ending Direct Mate Desired Ending Merchand inventory Direct Mate each month in columnar form. Show in the statements the details of cost of goods sold. (Round answers to o decimal places, e.g. 2,500) Direct Materials Purch d M LITWIN COMPANY San Miguel Store tal Materials Required Income Statement s of May and June, 2014 Units to be Produced Prepare budgeted income statements for each month in columnar form, Show in the statements the detalls of cost of goods sold. (Round answers to o decimal places, e.g. 2,500.) LITWIN COMPANY San Miguel Store For the Months of May and June, 2014 June