Popeil Products, a wholesaler of fishing equipment, budgeted the following sales for the indicated months: BE: (Click the icon to view the sales budget.) All merchandise is marked up to sell at its invoice cost plus 20%. Target merchandise inventories at the beginning of each month are 25% of that month's projected cost of goods sold. Requirements Compute the budgeted cost of goods sold for the month of June 20X8. Compute the budgeted merchandise purchases for July 20X8. Requirement 1. Compute the budgeted cost of goods sold for the month of June 20x8. Begin by identifying the general formula to be used to solve for the cost of goods sold. Sales The budgeted cost of goods sold for the month of June 20x8 is $ 7. i Data Table Requirement 2. Compute the budgeted merchandise purchases for July 20X8. Use the following table to compute the budgeted merchandise purchases for July 20X8. Sales on account $ July Merchandise Purchases Desired ending inventory Cost of goods sold Total merchandise needed June 20x8 1,850,000 $ 130,000 July 20X8 1,920,000 $ 156,000 2,076,000 $ August 20X8 1,910,000 274,000 2,184,000 Cash sales Plus: $ 1,980,000 $ Total sales Less: Beginning inventory Print Done Required purchases