2. Chapter 8: Round Circles purchases bicycle components in the month prior to assembling them into bicycles. The company pays 75% of component costs in the month of purchase and 25% of the costs in the following month. Purchases costs taken from direct material budget are April $5,000 May $6,000 June $7,000 July $8,000 August $8,000 What is Round's budgeted cash payment for July