Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below Hamby Corporation Balance Sheet June 30 Assets 5 91,000 133.000 36.000 213,00 $47) Accounts receivable Inventory plant and equipment, het of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Costock Retained earnings Total liabilities and stockholders' equity 320, 21 $ 473.000 The company managers have made the following additional assumptions and estimates 1. Estimated sales for July August September and October will be 5240,000, 5260,000 $250,000 and $270,000, respectively, 2. All sales are on credit and all credit sales are collected Each months credit sales collected 35 in the month of sale and 65 in the month following the sale. All of the accounts receivable at June 30 w be collected in Jy 3. Each month's ending inventory must equal 25% of the cost of next months sales the cost of goods sold to 60% of sales. The company pays for 4015 of its merchandise Durchases in the month of the purchase and the remaining 60% in the month following the purchase All of the accounts payable at June 30 will be paid in 4. Monthly selling and administrative expenses are always 544,000 Each month $8.000 of this tots amount is depreciation expense and the remaining 536.000 relates to expenses that are paid in the month they are incurred 5. The company does not plan to borrow money pay o declare dividends during the quarter ended September 30 The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. How much is the company's expected cash disbursement for merchandise in the month of July 1 sement for merchandise in the month of July! Multiple Choice $58,800 574,000 $132.800 588.200