In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing the merchandise purchases budget for the month of June 1 2 3. Expected sales: June $455,000; July $651.000. Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following month's cost of goods sold. The beginning inventory at June I will be the desired amount. Calculate the budgeted merchandise purchases for June. Budgeted merchandise purchases 385350 BIG JIM STORES Budgeted Income Statement For the Month Ending June 30, 2020 Sales $ 1106000 Cost of Goods Sold Gross Profit $ 1106000 Less : Selling and Administrative Expenses Income Before Income Taxes Less: Income Tax Expense Net Income/(Loss)>