In May 2022, the budget committee of Sheffield Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. 2. Expected sales: June $630,000, July $ 756,000. Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. The beginning inventory at June 1 will be the desired amount. 3. 4. (a) Compute the budgeted merchandise purchases for June. SHEFFIELD STORES Merchandise Purchases Budget > $ > > $