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In May 2017, the budget committee of Grand Stores assembles the following data in preparation...

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Accounting

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 $508,600, July $614,600. 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following (next) months 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.

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