Question 23 2.5 pts Pet Food Company budgets payroll at $3,600 per month plus a percentage of monthly sales. The June operating expenses budget includes total payroll of $13,600 with budgeted sales of $200,000. Sales for July are budgeted at $150,000 while purchases of inventory for July are budgeted at $980,000. Depreciation and insurance for July are estimated at $900 and $800, respectively. Office and administrative expenses related to purchasing inventory are budgeted at 10% of purchases for the month. The purchase of $2,900 in equipment and $1,500 in furniture is expected in July, The July payroll should be budgeted at O $7,500 $11.100 $13,600 516,500