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 Expected sales: June $493.000, July $584.000. 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 3. 4. The beginning inventory at June 1 will be the desired amount. BIG JIM STORES Budgeted Income Statement For the Month Ending June 30, 2020 Sales 488000 Cost of Goods Sold Purchases 3090225 Add Purchases 110925 501150 Cost of Goods Available for Sale 331400 1 Less : Purchases 369250 Cost of Goods Sold Cost of Goods Available for Sale S01150 Loss Purchases 131400 i Cost of Goods Sold 369750 Gross Profit 118250 eTextbook and Media Question Part Score 11.05/17