Sloan Company, a wholesaler, budgeted the following sales for the indicated months:

June

July

August

Sales on account

$2,790,000

$2,860,000

$2,980,000

Cash sales

180,000

200,000

260,000

Total sales

$2,970,000

$3,060,000

$3,240,000

All merchandise is marked up to sell at its invoice cost plus 20%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold.

1. Merchandise purchases for July are anticipated to be
2. The cost of goods sold for the month of June is anticipated to be