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Question - In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing the merchandise purchases budget for the month of June:
Expected sales: June $458,000; July $559,000.
Cost of goods sold is expected to be 75% of sales.
Desired ending merchandise inventory is 30% of the following month's cost of goods sold.
The beginning inventory at June 1 will be the desired amount.
Required -
1. Calculate the budgeted merchandise purchases for June.
2. Prepare the budgeted income statement for June through gross profit on sales.
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Prepare Company financial statements
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