Check my work QS 22-30A Merchandising: Purchases budget LO P4 Montel Company's July sales budget calls for sales of $540000. The store expects to begin July with $64,000 of inventory and to end the month with $38,000 of inventory Gross margin is typically 20% of sales. Determine the budgeted cost of merchandise purchases for July MONTEL COMPANY Computation of Budgeted Cost of Purchases For Month Ended July 31 Required available merchandise Budgeted cost of purchases