Tommy Company budgeted the following information for 2012 Budgeted purchases: May $104,000 June $110,000 July $102,000 *Cost of goods sold is 40% of sales. Accounts payable is used only for inventory acquisitions. *Tommy purchases and pay for merchandise 60% in the month of acquisition and 40% in the following month. *Selling and administration expenses are budgeted at $40,000 for May and are expected to increases 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. Instructions: Compute the amount of budgeted cash disbursements for July