TEST 3-ACC209 (30) (Student) flanagerial Accounting Fall 2220) (1) Compatibilit, Made Word erences Mailings Paragraph Review View Help AaBbCct AaBbCct AaBbC AaBbCck AaBbCcD Normal 1 No Spac... Heading 1 Heading 2 Heading 6 Styles 3) ABC Company has been in business for 5 years. The company has budgeted the following information for 2019: Budgeted purchases May $50,000 June July August $60,000 $45,000 $55,000 . Cost of goods sold is 50% of sales. Accounts payable is used only for inventory acquisitions. ABC purchases and pays for merchandise 50% in the month of acquisition and 50% in the following month. Selling and administrative expenses are budgeted at $30,000 for May and are expected to increase 2% per month. They are paid during the month of acquisition. In addition, budgeted Depreciation is $5,000 per month. ABC pays $700 per month for its 5% note payable (loan) and interest. New equipment costing $12,000 will be purchased in June and an additional equipment purchase for $3,000 will be made in July. 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. Calculate the budgeted cash disbursements for July? 10 W