CALCULATOR O PRINTER VERSION BACK NE Exercise 21-20 In May 2017, 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. 1. 2. 3, 4. Compute the budgeted merchandise purchases for June. (Round answers to the nearest whole dollar, e.g. 5,275.) GRAND STORES Merchandise Purchases Budget LINK TO TEXT Prepare the budgeted multiple-step income statement for June through gross profit. GRAND STORES