Question 7 In May 2020, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. Expected sales: June $518,000, July $628,200. 2. Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. 3. (a) Compute the budgeted merchandise purchases for June. GRAND STORES Merchandise Purchases Budget $