In May 2017, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. Expected sales: June $502, 300, July $610, 500. 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. Compute the budgeted merchandise purchases for June. Prepare the budgeted multiple-step income statement for June through gross profit