In May 2022, the budget committee of Pharoah Stores assembles the following data for preparing the merchandise purchases budget for the month of June: 1. Expected sales: June $458.000; July $559,000. 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. (a) Your Answer Correct Answer (Used) X Your answer is incorrect. Calculate the budgeted merchandise purchases for June. Budgeted merchandise purchases $