In May 2017, 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 $501,000, July $601,000.
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.
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