Exercise 9-20 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 $501,000, July $607,400. 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 Merchandise 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: Onen Show Work LINK TO TEXT