Question 10 In June 2020, the following data was prepared by Chuckie Chams Productions for preparing the merchandise purchases budget for the month of July: 1. Expected sales: June $662,000; July $702,000 2. Cost of goods sold is expected to be 55% of sales. Desired ending merchandise inventory is 35% of the following month's cost of goods sold. The beginning inventory at July 1 will be the desired amount. 4. Calculate the budgeted merchandise purchases for June Chuckie Chams Productions Merchandise Purchases Budget For June