M The data shown were obtained from the financial records of Italian Exports, Inc., for March: Screen Shot 2022-... Esti

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M The Data Shown Were Obtained From The Financial Records Of Italian Exports Inc For March Screen Shot 2022 Esti 1 (376.87 KiB) Viewed 12 times

M The data shown were obtained from the financial records of Italian Exports, Inc., for March: Screen Shot 2022-... Estimated Sales Sales Purchases Ending Inventory* Administrative Salaries Marketing Expense** Sales Commissions Rent Expense Depreciation Expense Utilities Taxes*** *of next month's sales $540,000 567,917 294,830 10% 50,360 5% 2% **of estimated sales *** of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 ✓ Sales Cost of Goods Sold Beginning Inventory -✓ Purchases ✓ Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold ✓ V 7,700 1,200 2,600 15% ✓ $540,000 X 294,830 ✓ ●●●● Screen Shot 2022-... Budgeted Income Statement For the Month Ending Mar. 31, 2020 ✔ Sales Cost of Goods Sold Beginning Inventory Purchases ✓ Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities ✓ Net Income Foodback ✓ Total Operating Expenses Income From Operations Income Tax Expense ✓ ✓ ✓ ✓ ✓ ✓ ✓ V 540,000 jàgogo goo 294,830✔ ↓ Check My Work Beginning inventory uses the ending inventory percentage and estimated sales to determine the beginning inventory amount. Apply the other percentages as applicable to determine the required amounts as specified.