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 2. Expected sales: June 5457.000; July $580,000 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 1 will be the desired amount 3 4 Calculate the budgeted merchandise purchases for June Budgeted merchandise purchases $ e Textbook and Media --/2 Question Part Score Prepare the budgeted income statement for June through gross profit on sales