2. The budget committee of Watercooler Office Supply has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June. (Click the icon to view the information to prepare the budget.) Before completing the budgeted income statements, compute the budgeted cost of goods sold for May and June. (Round your answers to the nearest whole dollar.) May June (1) (2) (3) (4) Cost of goods sold Now complete the budgeted income statements for May and June. (Round your answers to the nearest whole dollar.) Watercooler Office Supply Budgeted Income Statements May and June May June Sales revenue Cost of goods sold Gross profit Operating expenses: Salaries and commission expense Rent expense Depreciation expense Insurance expense Operating income Income tax expense Net income (loss) 1: Data Table a. b. Sales in April were $50,000. You forecast that monthly sales will increase 10% in May and 5% in June. Watercooler Office Supply maintains inventory of $9,000 plus 20% of the sales revenues budgeted for the following month. Monthly purchases average 50% of sales revenue in that same month. Actual inventory on April 30 is $20,000. Sales budgeted for July are $75,000. Monthly salaries amount to $3,000. Sales commissions equal 11% of sales for that month. Combine salaries and commissions into a single figure. Other monthly expenses are as follows: c. d. $2,000, paid as incurred Rent expense Depreciation expense $900 Insurance expense. $100, expiration of prepaid amount 20% of operating income Income tax