Part V (10 marks) Part A In September 2017, the budget committee of Fidelity Company assembled the following data: 1. Expected Sales October November Decembeir $400,000 420,000 450,000 Cost of goods sold is expected to be 45% of sales. 3. 2. Purchases for October are $180,900. 4. Desired ending merchandise inventory is 10% of the next month's cost of goods sold Required: Prepare the budgeted income statement for October through gross profit on sales, including a cost of goods sold schedule