May Company has budgeted sales as follows for the third quarter of the year: July ..... $80,000 August ....... $90,000 September .... $70,000 Cost of goods sold is equal to 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 30 is less than this ideal since it is only $65,000. The company is now preparing a Merchandise Purchases Budget. The budgeted purchases for July are: A) $52,000 B) $63,050 C) $47,450 D) $91,150 Please show how you got your answer