A Requirements - X 1. Prepare Cube's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Cube's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Cube's selling and administrative expense budget for April and May. Print Print Done Done A Data Table Cube Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory 23,000 21,000 34,000 1,300 $ 79,300 Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation 61,000 (15,000) $ 46,000 125,300 Total Assets Liabilities Current Liabilities: Accounts Payable 15,000 4,050 $ 19,050 Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings 15,000 91,250 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 106,250 125,300 $ Print Done] * More Info a. Sales in April are expected to be $160,000. Cube 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. Cube maintains inventory of $14,000 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 $10,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $3,000 Depreciation: $600 Insurance: $400 Income tax: $1,800 d. Print Done Answer. P22-42A (similar to) Cube Office Supply's March 31, 2018, balance sheet follows: BH: (Click the icon to view the balance sheet.) Requirement 1. Prepare Cube's sales budget for April and May 2018. Round all Cube Office Supply Sales Budget April and May, 2018 April May Total budgeted sales