Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following

information:

Budgeting Assumptions:

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 receivable at June $30$ will be collected in July.

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. The accounts payable at June $30$ will be paid in July.

The budgeted inventory balance at July $31$ is $$29,500.$

Depreciation expense is $$3,720$ per month. All other selling and administrative expenses are paid in full in the month the expense is

incurred.

The company's cash budget for July shows expected cash collections of $$83,100,$ expected cash disbursements for merchandise

purchases of $$48,300,$ and cash paid for selling and administrative expenses of $$12,880.$

Required:

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

Prepare a budgeted balance sheet as of July $31.$

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Calculate the budgeted sales for month of July.