Montel Company's July sales budget shows sales of $510,000. The company budgets beginning merchandise inventory of $51,000 and ending merchandise inventory of $38,000 for July. Cost of goods sold is 40% 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