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Prepare the budgeted multiple-step income statement for june

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Question - In May 2017, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.

1. Expected sales: June $518,400, July $606,200.

2. Cost of goods sold is expected to be 75% of sales.

3. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold.

4. The beginning inventory at June 1 will be the desired amount.

Prepare the budgeted multiple-step income statement for June through gross profit.

Reference no: EM131661498

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