Brooklyn Furniture, a retail store, has an average gross profit ratio of 48%. The sales forecast for the next four months follows: July August September October $ 260,000 223,000 318,000 414,000 Management's inventory policy is to have ending inventory equal to 370% of the cost of sales for the subsequent month, although it is estimated that the cost of inventory at June 30 will be $410,000. Required: Calculate the purchases budget, in dollars, for the months of July and August. Purchases July August