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In May 2020, the budget committee of Grand Stores assembles the following data in preparation...

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Accounting

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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 $507,400, July $608,800. 2. Cost of goods sold is expected to be 75% of sales. 3. 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. Compute the budgeted merchandise purchases for June. GRAND STORES Merchandise Purchases Budget $ $ LINK TO TEXT Prepare the budgeted multiple-step income statement for June through gross profit

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