part b, please post full answers

Current Attempt in Progress The budget committee of Sheffield Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2022 1. 2. Sales for May are expected to be $1,280,000. 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. $31.500 per month 6% of monthly sales Sales salaries Advertising Delivery expense Sales commissions Rent expense Depreciation 2% of monthly sales 5 % of monthly sales $5.210 per month $810 per month Utilities 5650 per month Insurance $520 per month 5. Interest expense is $2.000 per month income taxes are estimated to be 20% of income before income (a) Prepare the merchandise purchases budget for each month in columnar form SHEFFIELD COMPANY San Miguel Store Merchandise Purchases Budget May June $ Budited Cost of Goods Sold Add :: Desired Ending Merchandisinvestor Total Beginning Merchandise Inventory $ Required Merchandise Purchase Prepare budgeted multiple-step income statements for each month in columnar form. Show in the statements the details of cost of goods sold SHEFFIELD COMPANY San Miguel Store Budgeted Income Statement May June questions of 3 0.42/1 HE Question 3 of 3