Question 11 --/1 View Policies Current Attempt in Progress 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 $508,000, July $602,000. 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 For the Month Ending June 30, 2020 Budgeted Cost of Goods Sold Add : Desired Ending Merchandise Inventory Total Materials Required Less : Beginning Merchandise Inventory Required Merchandise Purchases Save for Later Attempts: 0 of 2 used Submit