Plack Company budgeted the following information for 2019: May June July Budgeted purchases $104,000 $110,000 $102,000 Cost of goods sold is 40% of sales. Accounts payable is used only for inventory acquisitions. . Plack purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. Selling and administrative expenses are budgeted at $30,000 for May and are expected to increase 5% per month. They are paid during the month of acquisition. In addition, budgeted depreciation is $10,000 per month. Income taxes are $38,400 for July and are paid in the month incurred. Compute the amount of budgeted cash disbursements for July. Cash Disbursements $ 1,76,675