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In May 2022, the budget committee of Crane Stores assembled the following data in preparation of budgeted merchandise purchases for the month of June. 1. Expected sales: June $400,000, July $480,000. 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. (a) Compute the budgeted merchandise purchases for June.
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