Montel Company's July sales budget shows sales of $$640,000.$ The company budgets beginning merchandise inventory of $$63,000$ 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.

$\backslash$table$[[$MONTEL COMPANY$],[$Budgeted Cost of Merchandise Purchases$],[$For Month Ended July$],[$Add: Budgeted beginning inventory$],[$Less: Budgeted cost of goods sold$]]$