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In May 2022, the budget committee of Sheridan Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.

1.		Expected sales: June $ 440,000, July $ 528,000.
2.		Cost of goods sold is expected to be 75% of sales.
3.		Desired ending merchandise inventory is 30% of the following (next) months cost of goods sold.
4.		The beginning inventory at June 1 will be the desired amount.

(a)

Compute the budgeted merchandise purchases for June.

SHERIDAN STORES Merchandise Purchases Budget choose the accounting period For the Month Ending June 30, 2022June 30, 2022For the Quarter Ending June 30, 2022
select an opening merchandise purchases budget item Budgeted Cost of Goods SoldTotal Materials RequiredUnits to Be ProducedBeginning Merchandise InventoryDesired Ending Merchandise InventoryRequired Merchandise PurchasesDirect Materials PurchasesDirect Materials per Unit		$ enter a dollar amount
select between addition and deduction AddLess: select an item Budgeted Cost of Goods SoldDirect Materials per UnitBeginning Merchandise InventoryDirect Materials PurchasesRequired Merchandise PurchasesTotal Materials RequiredUnits to Be ProducedDesired Ending Merchandise Inventory		enter a dollar amount
select a summarizing line for the first part Budgeted Cost of Goods SoldDirect Materials per UnitDirect Materials PurchasesDesired Ending Merchandise InventoryBeginning Merchandise InventoryUnits to Be ProducedRequired Merchandise PurchasesTotal		enter a total amount for the first part
select between addition and deduction LessAdd: select an item Units to Be ProducedDesired Ending Merchandise InventoryBeginning Merchandise InventoryRequired Merchandise PurchasesDirect Materials per UnitDirect Materials PurchasesTotal Materials RequiredBudgeted Cost of Goods Sold		enter a dollar amount
select a closing merchandise purchases budget item Budgeted Cost of Goods SoldUnits to Be ProducedDirect Materials PurchasesRequired Merchandise PurchasesDirect Materials per UnitBeginning Merchandise InventoryDesired Ending Merchandise InventoryTotal Materials Required		$

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