Campbell Company. which selis electric razors, had $390,000 of cost of goods sold during the month of June, The company projects a 7 percent increase in cost of goods sold during July. The inventory balance as of June 30 is $36,000, and the desired ending inventory balance for duly is $37,000. Campbell pays cash to settie 80 percent of its purchases on account during the month of purchase and pays the remaining 20 percent in the menth following the purchase. The accounts payable balance as of June 30 was 532,000 Required a. Determine the amount of purchases budgeted for July. b. Determine the amount of cash payments budgeted for inventory purchases in July