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. Expected sales: June $453,000; July $559,000. 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. Calculate the budgeted merchandise purchases for June. Budgeted merchandise purchases $ e Textbook and Media Prepare the budgeted income statement for June through gross profit on sales. BIG JIM STORES 'Budgeted Income Statement For the Month Ending June 30, 2020 e Textbook and Media