Prepare the budgeted multiplestep income statement for June

Prepare the budgeted multiple-step income statement for June through gross profit. GRAND STORES Budgeted Income Statement Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT

Solution

Merchandise Purchase Budget Budgeted Cost of Goods sold 388500 (518000*75%) Add: Desired Ending inventory 141345 (628200*75%*30%) Total Material needs 529845 Less: beginning Invenntory 116550 (518000*75% *30%) Budgeted Purchasses in $ 413295 Req b: Income Statement: Sale revenue 518000 Less: Costt of goods sold Begininng inventory 116550 Add: Purchases 413295 Total cost of goods available 529845 Less: Ending inventory 141345 Cost of Goods sold 388500 Gross Profit 129500