Exercise 24-20 a-b In May 2020, 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 $520,000, July $627,200. 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. Compute the budgeted merchandise purchases for June. GRAND STORES Purchases Budget 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 question: Open Show Work