Thornton Company, which sells electric razors, had $$370,000$ of cost of goods sold during the month of June. The company projects a $8$ percent increase in cost of goods sold during July. The inventory balance as of June $30$ is $$30,000,$ and the desired ending inventory balance for July is $$31,000.$ Thornton pays cash to settle $70$ percent of its purchases on account during the month of purchase and pays the remaining $30$ percent in the month following the purchase. The accounts payable balance as of June $30$ was $$39,000.$

Required

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

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

a$.$ Budgeted purchases

b$.$ Cash payments