13 Montel Company's July sales budget shows sales of $640,000 The company budgets beginning merchandise inventory of $65.000 and ending merchandise inventory of $31,000 for July Cost of goods sold is 30% of sales Determine the budgeted cost of merchandise purchases for July. Hint: Use the relation (Beginning inventory + Purchases - Cost of Goods Sold = Ending Inventory) to solve for purchases ints BOOK MONTEL COMPANY Budgeted Cost of Merchandise Purchases For Month Ended July Budgeted beginning inventory $ Add Budgeted cost of merchandise purchases Less Budgeted cost of goods sold Budgeted ending Inventory 05.000 Hint 192.000 Print eferences