Montel Company's July sales budget calls for sales of $590,000. The store expects to begin July with $55,000 of inventory and to end the month with $35,000 of inventory. Gross margin is typically 30% of sales. Determine the budgeted cost of merchandise purchases for July. MONTEL COMPANY Computation of Budgeted Cost of Purchases For Month Ended July 31 Required available merchandise Budgeted cost of purchases