The following information is provided for XYZ PTY LTD Month Budgeted Sales June $60 000 July 51 000 August 40 000 September 70 000 October 72 000 The cost of goods sold rate is 70% and the desired inventory level is 30% of next month's cost of sales. Required: Prepare a purchases budget for July through September using the format below: (2.5 marks each column) July August September Total Desired ending inventory......... COGS ..... .. Total needed ...... . Beginning inventory ... . ..... Total purchases