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In May 2022, the budget committee of Pharoah Stores assembles the following data for preparing...

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Accounting

In May 2022, the budget committee of Pharoah Stores assembles the following data for preparing the merchandise purchases budget for the month of June:
Expected sales: June $458,000; July $559,000.
Cost of goods sold is expected to be 75% of sales.
Desired ending merchandise inventory is 30% of the following month's cost of goods sold.
The beginning inventory at June 1 will be the desired amount.
(a)
Your answer is incorrect.
Calculate the budgeted merchandise purchases for June.
Budgeted merchandise purchases $
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