In May 2022, the budget committee of Windsor Stores assembles the following data for preparing the merchandise purchases budget for the month of June: 1. Expected sales: June $477,000; July $550,000. 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) Calculate the budgeted merchandise purchases for June. Budgeted merchandise purchases $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit AnswerPrepare the budgeted income statement for June through gross prot on sales. SHEFFIELD STORES Budgeted Income Statement For the Month Ending June 30. 2022 Income before income taxes Sales Purchases Cost of goods available for sale Inventory, June 30 Income tax expense Net income 1 {loss} Inventory, June 1 Cost of goods sold Gross profit Selling and administrative expenses