Jordan Company, which sells electric razors, had $370,000 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 June 30 is $31,000, and the desired ending inventory balance for July is $32,000. Jordan 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 $31,000. Required Determine the amount of purchases budgeted for July. Determine the amount of cash payments budgeted for inventory purchases in July.

Che Jordan Company, which sells electric razors, had $370,000 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 June 30 is $31,000, and the desired ending inventory balance for July is $32,000. Jordan 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 $31,000. 2.5 points Required eBook a. Determine the amount of purchases budgeted for July. b. Determine the amount of cash payments budgeted for inventory purchases in July. Hint Print References a. Budgeted purchases b. Cash payments