ent 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 $503,900, July $628,000. 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 wil be the desired amount. for June. (Round answers to the nearest whole dollar, e.g. 5,275.) Click if you would like to Show Work for this question:z Open Show Work