Prepare the budgeted income statement for June through gross profit on sales. In May 2022, the budget committee of Sweet Acacia Stores assembles the following data for preparing budget for the month of June: 1. Expected sales: June $521,000; July $563,000. 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 is correct. Calculate the budgeted merchandise purchases for June. Budgeted merchandise purchases $ eTextbook and Media