Memphis Company's May sales budget calls for sales of $940,000. The store expects to begin May with $54,000 of inventory and to end the month with $59.000 of inventory. Gross margin is typically 40% of sales. Compute the budgeted cost of merchandise purchases for May. $381,000 $559,000 $569,000 $376,000 $564,000 Memphis Company's May sales budget calls for sales of $940,000. The store expects to begin May with $54,000 of inventory and to end the month with $59.000 of inventory. Gross margin is typically 40% of sales. Compute the budgeted cost of merchandise purchases for May. $381,000 $559,000 $569,000 $376,000 $564,000