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Question - In May 2019, the budget committee of Crater, Inc. assembles the following data in preparation of budgeted merchandise purchases for the month of June.
1. Expected sales: June $750,000, July $900,000.
2. Cost of goods sold is expected to be 80% of sales.
3. Desired ending merchandise inventory is 40% of the following (next) month's cost of goods sold.
4. The beginning inventory at June 1 will be the desired amount.
Required -
(a) Compute the budgeted merchandise purchases for June.
(b) Prepare the budgeted income statement for June through gross profit.
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