Exercise 194 In May 2019, the budget committee of Crater, Inc. assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. 2. 3. 4. Expected sales: June $750,000, July $900,000. Cost of goods sold is expected to be 80% of sales. Desired ending merchandise inventory is 40% of the following (next) month's cost of goods sold. The beginning inventory at June 1 will be the desired amount. Compute the budgeted merchandise purchases for June. CRATER, INC. Merchandise Purchases Budget For the Month Ending June 30, 2019 LINK TO TEXT Prepare the budgeted income statement for June through gross profit. CRATER, INC. Budgeted Income Statement For the Month Ending June 30, 2019