Pharoah Company, a wholesaler, budgeted the following sales for the indicated months: June July August Sales on account $2940000 $3000000 $3090000 Cash sales 294000 324000 414000 Total sales $3234000 $3324000 $3504000 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. The cost of goods sold for the month of June is anticipated to be