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. 4 Expected sales June $528,000, July $603.000. Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following month's costof goods sold. The beginning inventory at June 1 will be the desiT amount Calculate the budgeted merchandise purchases for June Budgeted merchandise purchases $ eTextbook and Media Question Part Score /2 Prepare the budgeted income statement for June through gross profiton sales. BIG JIM STORES Budgeted Income Statement For the Month Endine June 30, 2020 Inventory, June 1 Income Tax Expense Nationellosa) Inventory, June 30 Sales Selling and Administrative Expenses Gross Profit Cost of Goods Available for Sale Cost of Goods Sold Purchases Income Before lacome Tones 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