M&H Ltd. budgeted the following information for 2020: Budgeted purchases May $50,000 June July AL $60,000 $45,000 S 9 Cost of goods sold is 50% of sales. Accounts payable is used only for inventory acquisition M&H purchases and pays for merchandise 50% in the month of acquisition and 50% in the Selling and administrative expenses are budgeted at $30,000 for May and are expected to month of acquisition. In addition, budgeted Depreciation is $5,000 per month. M&H pays $700 per month for its 5% note payable and interest. New equipment costing $12,000 will be purchased in June and an additional equipment pur Depreciation on the new equipment will start in the month of purchase. Income taxes are $5,000 for July and are paid in the month incurred. How much are the budgeted cash disbursements for July