Wolfpack Company is a merchandising company that is preparing a budget for the month of July. it has provided the following information: Budgeting Assumptions: 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70x are collectind 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 poid in the month after the purchase. The nccounts payabie ot June 30 wili be poid in Jily 3. The budgeted inventory balance at July 31 is $24,500. 4. Depreciation expense is $3,040 per month. All other seling and administratlve 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 $92,000, expected cash disbursemants for merchandise purchases of $66,300, and cash poid for selling and administrotive expenses of $18,560. Requlred: 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. Complete this question by entering your answers in the tabs below. Calculate the budgeted sales for month of July. Requlred: 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. Complete this question by entering your a Calculate the budgeted merchandise purchases for month of July. 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 . Complete this question by entering your answers in the tabs below. Calculate the budgeted cost of goods sold for month of July. Complete this question by entering your answers in the tabs below. --1zilate the budgeted net operating income for month of July. Prepare a budgeted balance sheet as of July 31