QS 20-30A (Algo) Merchandising: Computing merchandise purchases LO P4 Montel Company's July sales budget shows sales of \\( \\$ 540,000 \\). The company budgets beginning merchandise inventory of \\( \\$ 52,000 \\) and ending merchandise inventory of \\( \\$ 31,000 \\) 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