Brief Exercise 14-3 (Algo) Determining the amount of expected inventory purchases and cash payments LO 14.3 Bisnches Company, which sells Kombuche, had $155,000 of cost of goods sold during the month of June. The company projects a 10 percent incresse in cost of goods sold during July. The inventory balance as of June 30 is $29,000, and the desired ending inventory bolance for July is $7,300. The company pays cash to settle 50 percent of its purchases on account during the month of purchase and pays the remaining 50 percent in the month following the purchase. The accounts payable balance as of June 30 was $22,800 Required: a. Determine the amount of purchases budgeted for July. b. Determine the amount of cash payments budgeted for inventory purchases in July Complete this question by entering your answers in the tabs below. Determine the amount of purchases budgeted for July