aperclip Office Supply's March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Paperclip Orifice Supply has assembled the following data: (Click the icon to viow the data.) Read the reguirements Requirement 1. Prepare Paperclip's sales budget for April and May 2024 . Round all aniounts to the nearest dollar. Data table ata table LessAccumulatedDepreciationTotalAssets(10,000 Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabifities Read the requirements. Whackholders' Equity Common Stock, no par Rotained Farnings: Total Siochholders' Equity Motar Liatilitios and stockholdersi Equity 's March 31,2024 , balance sheet follows: ew the balance sheet.) The bu data: (1) (Click the Read the requi Requirements 1. Prepare Paperclip's sales budget for April and May 2024. Round all calculations to the nearest dollar. 2. Prepare Paperclip's inventory, purchases Jand cost of goods sold budget for April and May. 3. Prepare Paperclip's selling and administrative expense budget for April and May. More info a. Sales in April are expected to be $180,000. Paperclip 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. Paperclip maintains inventory of $10,000 plus 25% of the-cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales kovenue. c. Monthly salaries amount to $10,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: \$2,600 - Depreciation: 5300 - Insurance: $200 - Income taxi \$2,500