Monte Company's July sales budget shows sales of $1,200,000. The company budgets beginning merchandise inventory of $100,000 and ending merchandise inventory of $80,000 for July. Cost of goods sold is 60% of sales. The budgeted cost of merchandise purchases for July is: 1 ( O $700,000. O $720,000. O $740,000. $680,000. O $800,000. nints) L t onth following sale. Budgeted the amount of Accounts 1 les for October of $244,000. Experience suggests that n credit. The company collects 50% of its

Monte Company's July sales budget shows sales of \$1,200,000. The companen of merchandise purchases for July is: $700,000 $720,000. $740,000. $680,000. $800,000