Garda purchased $550,000 of merchandise in August and budgets merchandise purchases of $770,000 in September. Merchandise purchases are paid as follows: 35% in the month of purchase and 65% in the month after the purchase. Prepare a schedule of cash payments for merchandise purchases for September. Montel Company's July sales budget shows sales of $530,000. The company budgets beginning merchandise inventory of $70,000 and ending merchandise inventory of $33,000 for July. Cost of goods sold is 20% 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