Solomon Company, which sells electric razors, had $$300,000$ of cost of goods sold during the month of June. The company projects a $8$ percent increase in cost of goods sold during July. The inventory balance as of June $30$ is $$28,000,$ and the desired ending inventory balance for July is $$29,000.$ Solomon pays cash to settle $80$ percent of its purchases on account during the month of purchase and pays the remaining $20$ percent in the month following the purchase. The accounts payable balance as of June $30$ was $$40,000.$

$02$:$46$:$15$

Required

a$.$ Determine the amount of purchases budgeted for July.

b$.$ Determine the amount of cash payments budgeted for inventory purchases in July.

$\backslash$table$[[$a$.$ Budgeted purchases,$$,326,000],[$b$.$ Cash payments,$$,284,500]]$