n, a merchandising firm, has budgeted sales as follows for the third quarter of the year July $80,000 September... Cost of goods sold is equal to 65% of sales. The company wants to maintain a monthly ending inventory equal to 130% of the Cost of Goods Sold for the following month. The inventory on June 30 is less than this ideal since it is only $65,000. The company is now preparing a M The budgeted purchases for July are: $52,000 $63,050 $47,450 $91,150