In May 2022, the budget committee of Coronado Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. 3 Expected sales: June $460,000, July $552,000. 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. CORONADO STORES Merchandise Purchases Budget For the Month Ending June 30, 2022 Budgeted Cost of Goods Sold 345000 Add Desired Ending Merchandise Inventory Total Less Beginning Merchandise Inventory Required Merchandise Purchases $