Martinez Company budgeted the following information for 2022: May June July Budgeted purchases of merchandise $105,500 $109,000 $103,000 Cost of goods sold is 40% of sales. Accounts payable is used only for merchandise inventory acquisitions. Martinez purchases and pays for merchandise 70% in the month of acquisition and 30% in the following month. Selling and administrative expenses are budgeted at $34,000 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 $38,200 for July and are paid in the month incurred. Compute the amount of budgeted cash disbursements for July. Cash Disbursements $