1 QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of $520,000. The store expects to begin July with $68,000 of inventory and to end the month with $39,000 of inventory Gross margin is typically 30% of sales. Determine the budgeted cost of merchandise purchases for July. 0.66 points NTEL CO 31 S 39,000 cost of goods sold cost of purchases