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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.
Identify at least two revenues or costs that are relevant to making this decision. Explain why each is relevant. Identify at least two costs
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