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 $514,800, July $613,100. 2 Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. The beginning inventory at June 1 will be the desired amount. 3. your answer is correct. Compute the budgeted merchandise purchases for June (Round answers to the nearest whole dallar... 5,275.) GRAND STORES Merchandise Purchases Budget For the Month Ending June 30, 2017 Budgeted Cost of Goods Sold 386100 add Desired Ending Merchandise Inventory 137948 524048 Beginning Merchandise Inventory 115830 Required Merchandise Purchases 408210 (b) Prepare the budgeted multiple-step income statement for June through gross profit. GRAND STORES Budgeted Income Statement Click if you would like to show Work for this questioni Open Show Work