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 $522,100, July $618,500.
2.		Cost of goods sold is expected to be 75% of sales.
3.		Desired ending merchandise inventory is 30% of the following (next) months cost of goods sold.
4.		The beginning inventory at June 1 will be the desired amount.

A. Compute the budgeted merchandise purchases for June. (Round answers to the nearest whole dollar, e.g. 5,275.)

B.

GRAND STORES Merchandise Purchases Budget $ $ Prepare the budgeted multiple-step income statement for June through gross profit. GRAND STORES Budgeted Income Statement $