Company A, a merchandising firm, has budgeted sales for the third quarter of the year: July: 80,000 August: 90,000 September:70,000 Cost of goods sold equals 65% of sales. The company wants to maintain a monthly ending inventory equal to 130% of the cost of goods sold for the following month. The inventory on June 30th is less than this ideal since it is only 65,000. The company is now preparing a merchandise budget. Calculate the following: What are the budgeted purchases for July? What is the desired inventory for September