Exercise 14-9A (Algo) Determining the amount of expected inventory purchases and cash payments LO 14-3 Campbell Company, which selis electric razors, had $400,000 of cost of gooids sold during the month of June. The company projects 6 percent increase in cost of goods sold during July. The inventory balance as of June 30 is $21,000, and the desired ending inventol balance for July is $22,000. Campbell pays cash to 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 $28,000. Required a. Determine the amount of purchases budgeted for July. b. Determine the amount of cash payments budgeted for inventory purchases in July