In May 2022, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. Expected sales: June $500,000, July $600,000 2. Cost of groods 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: Prepare the budgeted multiple-step income statement for June through gross profit