2. Prepare Clipboard's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Clipboard's selling and administrative expense budget for April and May. Requirement 1. Prepare Clipboard's sales budget for April and May 2024. Round all amounts to the nearest dollar. Clipboard Office Supply Sales Budget April and May, 2024 \begin{tabular}{|l||c||c|} \multicolumn{2}{c||}{ April and May, 2024 } & \multicolumn{1}{c|}{ May } \\ \hline Total budgeted sales & April & May \\ \hline \end{tabular} Clipboard Uffice Supply Balance Sheet March 31, 2024 Assets Current Assets: Liabilities Current Liabilities: a. Sales in April are expected to be $220,000. Clipboard forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over April sales. July sales will increase 20% over April sales. b. Clipboard maintains inventory of $8,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. c. Monthly salaries amount to $8,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: \$3,000 - Depreciation: $800 - Insurance: $200 - Income tax: $2,500