Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used (b) Prepare the budgeted multiple-step income statement for June through gross profit. GRAND STORES Budgeted Income Statement For the Month Ending June 30, 2017 Expected Sales 525400 Budgeted Cost of Goods Sold Beginning Merchandise Inventory Required Merchandise Purchases Budgeted Cost of Goods Available for Sale Desired Ending Merchandise Inventory Budgeted Cost of Goods Sold Budgeted Gross Profit Click if you would like to show Work for this question: Doen Show Work CALCULATOR PRINTER VERSION BACK NEXT Exercise 21-20 (Part Level Submission) 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 $525,400, July $605,600 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. (a) Your answer is correct. Compute the budgeted merchandise purchases for June. (Round answers to the nearest whole dollar, e.g. 5,275.) GRAND STORES Merchandise Purchases Budget For the Month Ending June 30, 2017 394050 Budgeted Cost of Goods Sold Add Desired Ending Merchandise Inventory 136260 Total Materials Required 530310 Less Beginning Merchandise Inventory 118215 Required Merchandise Purchases 412095 Click if you would like to show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT Automatic checking is disabled in hardware keyboard mode Tap "Check My Text" to review suggestions