Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following information: Calculate the budgeted net operating income for the month of July. Calculate the budgeted merchandise purchases for the month of July. Prepare a budgeted balance sheet as of July 31 . \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Wolfpack Company } \\ \hline \multicolumn{3}{|c|}{ Balance Sheet } \\ \hline \multicolumn{3}{|c|}{ July 31} \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & ( & $107,500 \\ \hline Accounts receivable & ( & 63,000 \\ \hline Inventory & 2 & 22,000 \\ \hline Buildings and equipment, net & ( & 150,000 \\ \hline Total assets & & $342,500 \\ \hline \multicolumn{3}{|c|}{ Liabilities and Stockholders' Equity } \\ \hline Accounts payable & & $36,800 \\ \hline Common stock & ( & 100,000 \\ \hline Retained earnings & 2 & 205,700 \\ \hline & & \\ \hline Total liabilities and stockholders & & $342,500 \\ \hline \end{tabular} Calculate the budgeted sales for the month of July. 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70% are collected in the month subsequent to the sale. The accounts recelvable at June 30 will be collected in July. 2. All merchandise purchases are on account. Twenty percent of merchandise inventory purchases are paid in the month of the purchase and the remaining 80% is paid in the month after the purchase. 3. The budgeted inventory balance at July 31 is $22,000. 4. Depreciation expense is $3,000 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $77,000, expected cash disbursements for merchandise purchases of $44,500, and cash paid for selling and administrative expenses of $15,000. Required: 1. For the month of July, calculate the following: a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 . Calculate the budgeted cost of goods sold for the month of July