Montel Company's July sales budget calls for sales of $580,000. The store expects to begin July with $57,000 of inventory and to end the month with $30,000 of inventory. Gross margin is typically 40% of sales. Determine the budgeted cost of merchandise purchases for July. MONTEL COMPANY Computation of Budgeted Cost of Purchases For Month Ended July 31 $ Budgeted beginning inventory Budgeted cost of goods sold Required available merchandise Budgeted beginning inventory Budgeted cost of purchases 580,000 232,000 812,000 30,000