In May 2022, the budget committee of Crater, Inc. assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. 2 Expected sales: June $750,000. July $900,000 Cost of goods sold is expected to be 80% of sales. Desired ending merchandise inventory is 40% of the following (next) month's cost of goods sold, The beginning inventory at June 1 will be the desired amount. 3. c M o Compute the budgeted merchandise purchases for June M CRATER, INC. Merchandise Purchases Budget For the Month Ending June 30, 2022 : Qu M Que Muttg Budgeted Cost of Goods Sold 600000 Add Desired Eriding Merchandise inventory Ques Multiple 288000 Tota Compute the budgeted merchandise purchases for June CRATER, INC. Merchandise Purchases Budget For the Month Ending June 30, 2022 : Budgeted Cost of Goods Sold 600000 Add : Desired Ending Merchandise Inventory 288000 888000 Total 240000 Less 2 Beginning Merchandise Inventory $ 648000 Required Merchandise Purchases Prepare the budgeted income statement for June through gross pront CRATER, INC. Budgeted Income Statement $ $ Save for Later Attempts: 0 of 1 used Submit