Miles Company, a wholesaler, budgeted the following sales for the indicated months: June S2,700,000 Jul August S2,850,000 Sales on account Cash sales Total sales $2,760,000 300,000 $3,060,000 390,000 $2,970,000 $3,240,000 All merchandise is marked up to sell at its invoice cost plus 20% Merchandise inventories of each month are at 30% of that month's projected cost of goods sold. i- The cost of goods sold for the month of June is anticipated to be at the beginning ii. Merchandise purchases for July are anticipated to be