Cheyenne Company budgeted the following information for 2022: May Budgeted purchases of merchandise $104,500 . June Cash Disbursements $110,000 Cost of goods sold is 40% of sales. Accounts payable is used only for merchandise inventory acquisitions. Cheyenne purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. Selling and administrative expenses are budgeted at $30,000 for May and are expected to increase 5% per month. These expenses are paid during the month when incurred. In addition, depreciation is budgeted at $10,000 per month. Income taxes are $38,000 for July and are paid in the month incurred. Compute the amount of budgeted cash disbursements for July. $ July $102,000

Current Attempt in Progress Cheyenne Company budgeted the following information for 2022: \begin{tabular}{cccc} & May & June & July \\ \hline Budgeted purchases of merchandise & $104,500 & $110,000 & $102,000 \end{tabular} - Cost of goods sold is 40% of sales. Accounts payable is used only for merchandise inventory acquisitions. - Cheyenne purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. - Selling and administrative expenses are budgeted at $30,000 for May and are expected to increase 5% per month. These expenses are paid during the month when incurred. In addition, depreciation is budgeted at $10,000 per month. - Income taxes are $38,000 for July and are paid in the month incurred. Compute the amount of budgeted cash disbursements for July. Cash Disbursements $