Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It provided the following information: Budgeting Assumptions: 1. All sales are on eccount. Thirfy percent of the credit sales are collected in the month of sale and the remaining 70k are collected in the month subsequent to the sale. The accounts recelvable at June 30 wil be collected in July 2. All merchandise purchases are on occount. Twenty percent of merchandise inventory purchases are paid in the month of the purchase and the remaining 80x are paid in the month after the purchase. 3. The budgeted inventory balance at July 31 is $19,800. 4. Depreciation expense is $3,300 per month. Al other selting and administrative expenses are paid in full in the month the expense is incurred. 5 The compary s cash budget for July shows expected cash coliections of $96,300. Wxpected cas h disbursements for merchandise purchases of $72.000, and cash paid for seling and administrative expenses of $16.100 5. The company's cash budget for July shows expected cash collections of $96,300, expected cash disbursements for merchandise purchases of $72,000, and cash paid for selling and administrative expenses of $16,100. Required: 1. For the month of July, calculate the following: a. Eudgeted 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 . Complete this question by entering your answers in the tabs below. Calculate the budgeted saies for the month of July