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1. In May 2020, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. Expected sales: June $516,800, July $604,000. 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. The beginning inventory at June 1 will be the desired amount. 2. 3. 4. Compute the budgeted merchandise purchases for June. GRAND STORES Merchandise Purchases Budget > $ Prepare the budgeted multiple-step income statement for June through gross profit. GRAND STORES Budgeted Income Statement $ V $