Wolfpack company, a merchadising company, is preparing a budget for the month of July. The company's beginning balance of Accounts Payable in July is $42,200. Budgeting Assumptions: 1. All merchandise purchases are on account. 20% of merchandise inventory purchases are paid in the month of the purchase and the remaining 80% is paid in the month after the purchase. The accounts payable on June 30 will be paid in July 2. The company's cash budget for July shows expected cash disbursements for merchandise purchases of $61,200. How much is the budgeted merchandise purchases for July