6. Budgeting (II): 2 marks Shockwave Limited is a retailer of high-quality jeans, the sales budget for July and August 2020 is $500,000 and $600,000, respectively. Cost of goods sold is estimated at 55% of sales. The beginning inventory for July is $165,000, and the company has a policy that ending inventory should be sufficient to cover 60% of the following month's sales. All purchases are paid for in the month following purchase. What is the projected balance of accounts payable on July 31? (2 marks)