Indigo Company budgeted the following information for 2022: May June July Budgeted purchases of merchandise $105,000 $110,000 $103,000 . Cost of goods sold is 40% of sales. Accounts payable is used only for merchandise inventory acquisitions. . Indigo purchases and pays for merchand 70% in the month of acquisition and 30% in the following month. . Selling and administrative expenses are budgeted at $36,000 for May and are expected to increase 5% per month. Thes expenses are paid during the month when incurred. In addition, depreciation is budgeted at $10,000 per month. . Income taxes are $39,000 for July and are paid in the month incurred. Compute the amount of budgeted cash disbursements for July. Cash Disbursements