Rafferty Products, a wholesaler of fishing equipment, budgeted the following sales for the indicated months E: (Click the icon to view the sales budget.) All merchandise is marked up to sell at its invoice cost plus 25%. Target merchandise inventories at the beginning of each month are 20% of that month's projected cost of goods sold Requirements 1. Compute the budgeted cost of goods sold for the month of June 20X8. 2. 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. Cost + ( Markup Cost Sales - Data table The budgeted cost of goods sold for the month of June 20X8 is $ 1610000 Requirement 2. Compute the budgeted merchandise purchases for July 20X8. Use the following table to compute the budgeted merchandise purchases for July 20X8. June 20X8 July 20X8 August 20x8 Sales on account $ July Merchandise Purchases 1,840,000 $ 172,500 1,930,000 $ 220,000 1,970,000 330,000 Cash sales Desired ending inventory $ Total sales 2,012,500 $ 2,150,000 $ 2,300,000 Plus: Cost of goods sold Total merchandise needed Less: Beginning inventory Required purchases Print Done