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QS 20-30A (Static) Merchandising: Computing merchandise purchases LO P4 Montel Company's July sales budget shows sales of $600,000. The company budgets beginning merchandise inventory of $50,000 and ending merchandise inventory of $40,000 for July. Cost of goods sold is 60% 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