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Montel Companys July sales budget calls for sales of $610,000. The store expects to begin July with $52,000 of inventory and to end the month

Montel Companys July sales budget calls for sales of $610,000. The store expects to begin July with $52,000 of inventory and to end the month with $34,000 of inventory. Gross margin is typically 30% of sales. Determine the budgeted cost of merchandise purchases for July.

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