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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 $508,300, July $617,600.

2.Cost of goods sold is expected to be 75% of sales.

evel Sui x THOUGHTGROSS PROFIT W; x ' G l i Securel https:edugen.wileyplus.comledugenfsharedlassignmemitestiqprim.unl ' 0 \"$2er a UnliaChll'ASS rmnt x m llllileyPLUS x m Exercisez 3. Desired ending merchandise inventory l5 30% of the following (next) month's dust of goods said. 4. The beginning inventory at June 1 will be the desired amount. *(a) .r Yaur answer is correct. Compute the budgeted merchandise purchases for June. (Round answem so the nearest whole dollar, e.g. 5,275.) GRAND STORES Mermandlse Purchases Budget ar the Month Endln- June 30, 2017 Hudetm Cost of Goods 50l- ~' - _ tslred Endln Merchandlse Invenha J ., ntal Materials Req in v _ --lnn|n Merchandise Inventl) 1 .1 ' - null-ed Merchandiw Purchase Attempts: 1 of 3 used '0') Prepare the budgeted multiple-step income statement For June through gross prot. GRAND STORES Budgeted Inmme Statement