Stuart Company, which sells electric razors, had $360,000 of cost of goods soid during the month of June. The company projects a 7 percent increase in cost of goods sold during July. The inventory balance as of June 30 is $24,000, and the desired ending inventory balance for July is $25,000. Stuart 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 $32,000. Required Q. Determine the amount of purchases budgeted for July b. Determine the amount of cash payments budgeted for inventory purchases in July Stuart Company, which sells electric razors, had $360,000 of cost of goods sold during the month percent increase in cost of goods sold during July. The inventory balance as of June 30 is $24,000 balance for July is $25,000. Stuart pays cash to settle 80 percent of its purchases on account durir the remaining 20 percent in the month following the purchase. The accounts payable balance as o Required a. Determine the amount of purchases budgeted for July. b. Determine the amount of cash payments budgeted for inventory purchases in July. tric razors, had $360,000 of cost of goods sold during the month of June. The company projects a 7 5 sold during July, The inventory balance as of June 30 is $24,000, and the desired ending inventory it pays cash to settle 80 percent of its purchases on account during the month of purchase and pays month following the purchase. The accounts payable balance as of June 30 was $32.000. chases budgeted for July. th payments budgeted for inventory purchases in July