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In May 2022, the budget committee of Metlock Stores assembles the following data...

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Accounting

In May 2022, the budget committee of Metlock Stores assembles the following data for prepari for the month of June:
Expected sales: June $528,000; July $603,000.
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.
METLOCKSTORES Budgeted Income Statement For the Month Ending June 30,2022
Sales
$
528000
image

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