In May 2022, the budget committee of Coronado Stores assembles the following data for preparing the merchandise purchases budget for the month of June: 1. 2 Expected sales: June $457,000; July $627,000. 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 Prepare the budgeted income statement for June through gross profit on sales. CORONADO STORES Budgeted Income Statement For the Month Ending June 30, 2022