E connect ACCT 1020: Lin ACCT ACCOUNTING signment #4 Graded Problem Question 6 (of 7) value: 0.85 points Widden Company, which sells electric razors, had $340,000 of cost of goods sold during the month of June. The company projects a 8 percent increase in cost of goods sold during July. The inventory balance as of settle 75 percent of its purchases on account during the month of purchase and pays the remaining 25 percent in the month following the purchase. The accounts payable balance as of June 30 was $44,000. Required a. Determine the amount of purchases budgeted for July. eted b. Determine the amount of cash payments budgeted for inventory purchases in July References eBook & Resources Worksheet Difficulty: 2 Medium Learning