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. Expected sales: June $750,000, July $900,000. 2. Cost of goods sold is expected to be 80% of sales. 3. Desired ending merchandise inventory is 40% of the following (next) month's cost of goods sold. W The beginning inventory at June 1 will be the desired amount. 4. Compute the budgeted merchandise purchases for June. CRATER, INC. Merchandise Purchases Budget $ $ Prepare the budgeted income statement for June through gross profit. CRATER, INC. Budgeted Income Statement $ $