Montel Company's July sales budget shows sales of $$530,000.$ The company budgets beginning merchandise inventory of $$53,000$ and ending merchandise inventory of $$30,000$ for July. Cost of goods sold is $30\%$ of sales. Determine the budgeted cost of merchandise purchases for July. HInt: Use the relation $($Beginning Inventory $+$ Purchases $-$ Cost of Goods Sold $=$ Ending Inventory$)$ to solve for purchases.

Budgeted Cost of Merchandise Purchases