Question 7 6 pts Peace Company is working on its July budget. The following information is provided: Sales Salaries $3,000 Sales Commissions 5% of Sales Depreciation on office equipment $750 Insurance on the office location $500 Factory Depreciation $1,200 General administrative expenses $4,250 Budgeted July Sales $165,000 Assembly line employee's wages $5,000 All operating expenses are paid in the month incurred. How much will the Peace Company budget on their budgeted income statement for total operating expenses for July? $22,950 $16,750 $16,000 $21.000