Miles Company, a wholesaler, budgeted the following sales for the indicated months: All mercnanase is marked up to-sell at its invoice cost plus 20\%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. 1- What is the cost of goods sold for the month of June? 1,650,000. 2- What is the merchandise purchases for July? 61,730,000