Refer to the information presented in PB8-4 regarding Boscoe Power Tools.
January .... 8,000
February .... 7,400
March .... 8,700
April .... 9,500
May .... 9,150

Required:
Prepare the following for the first quarter:
1. Cost of goods sold budget.
2. Selling and administrative expense budget.
3. Budgeted income statement for the glue gun product.