In May 2020, the budget committee of Crane Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. Expected sales: June $525,400, July $605,600. 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount.Compute the budgeted merchandise purchases for June. CRANE STORES Merchandise Purchases Budget For the Me nth Ending June 30, 2020 V Budgeted Cast Of Goods Said V $ Add V: Desired EndingMerchandiselns-rentery V Total Materials Required :| { I Less V : Beginning Merchandise Inventory V Required Merchandise Purchases $ I Prepare the budgeted multiple-step income statement for June through gross profit. CRANE STORES Budgeted Income Statement For the Month Ending June 30, 2020 Sales Cost of Goods Sold Gross Profit