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In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing he merchandise purchases budget for the month of June: 1 2. Expected sales: June $536,000; July $574,000. Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following month's cost of goods sold. The beginning inventory at June 1 will be the desired amount 3. 3 4. X Your answer is incorrect. Calculate the budgeted merchandise purchases for June