The budget committee of Vaughn Company collects the following data for its San Miguel Store...
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The budget committee of Vaughn Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June Sales for May are expected to be $ Sales in June and July are expected to be higher than the preceding month. Cost of goods sold is expected to be of sales. Company policy is to maintain ending merchandise inventory at of the following month's cost of goods sold. Operating expenses are estimated to be as follows: Interest expense is $ per month. Income taxes are estimated to be of income before income taxes. Prepare the merchandise purchases budget for each month in columnar form. eTextbook and Media Prepare budgeted multiplestep income statements for each month in columnar form. Show in the statements the details of cost of goods sold. $ $ 
The budget committee of Vaughn Company collects the following data for its San Miguel Store in preparing budgeted income
statements for May and June
Sales for May are expected to be $ Sales in June and July are expected to be higher than the preceding month.
Cost of goods sold is expected to be of sales.
Company policy is to maintain ending merchandise inventory at of the following month's cost of goods sold.
Operating expenses are estimated to be as follows:
Interest expense is $ per month. Income taxes are estimated to be of income before income taxes.
Prepare the merchandise purchases budget for each month in columnar form.
eTextbook and Media
Prepare budgeted multiplestep income statements for each month in columnar form. Show in the statements the details of cost
of goods sold.
$
$
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