Complete this question by entering your answers in the tabs below. Calculate the budgeted sales for the month of July. Complete this question by entering your answers in the tabs below. Calculate the budgeted cost of goods sold for the month of July. Complete this question by entering your answers in the tabs below. Calculate the budgeted merchandise purchases for the month of July. Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet as of July 31 . Complete this question by entering your answers in the tabs below. Calculate the budgeted net operating income for the month of July. Budgeting Assumptions: 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70% are collected in the month subsequent to the sale. The accounts receivable at June 30 will be collected in July. 2. All merchandise purchases are on account. Twenty percent of merchandise inventory purchases are paid in the month of the purchase and the remaining 80% are paid in the month after the purchase. 3. The budgeted inventory balance at July 31 is $25,700. 4. Depreciation expense is $4,260 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $106,100, expected cash disbursements for merchandise purchases of $68,100, and cash paid for selling and administrative expenses of $20,740