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 70% are collected in the morth subsequent to the sale. The accounts recelvable at June 30 will be collected in July. 2 All merchandise purcheses 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 odministrative 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 . Complete this question by enterine your answers in the tabs below. Calculate the budgeted cost of goods sold for the month of July