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View Policies Show Attempt History Current Attempt in Progress The budget committee of Ridder Company collects the following data for its Westwood Store in preparing budgeted income statements for July and August 2020: 1 The store expects sales for July to be $470,000; for August. $522,000; and for September, $571,000. 2. It expects the cost of goods sold to be 60% of sales. 3. Company policy is to maintain ending merchandise inventory at 20% of the following month's cost of goods sold. 4. Operating expenses are estimated as follows: $2,900 per month Sales salaries Advertising Delivery expense Sales commissions 600 per month $47,000 per month 4% of monthly sales 2% of monthly sales 3% of monthly sales Rent expense Depreciation Utilities 600 per month Insurance 300 per month 5. Income taxes are estimated to be 30% of the income from operations. (a) Your Answer Correct Answer Your answer is correct. Prepare the merchandise purchases budget, using columns for each month. Budgeted cost of goods sold RIDDER COMPANY-Westwood Store Merchandise Purchases Budget For the Months of July and August, 2020 July $ 282000 $ August 313200 Question 15 of 15 Budgeted cost of goods sold Add 8 Desired ending inventory Total value of merchandise required Less. V Beginning inventory Merchandise purchases required eTextbook and Media RIDDER COMPANY-Westwood Store Merchandise Purchases Budget For the Months of July and August, 2020 July 282000 62640 344640 56400 288240 $ 7.5/15 Aug l 313200 68520 381720 62640 i 319080 (b) Prepare a budgeted income statement, using columns for each month. Show details for the cost of goods sold in the statement. RIDDER COMPANY-Westwood Store Budgeted Income Statement For the Months of July and August, 2020 July August