Ballard Office Supply's March 31, 2024, balance sheet follows: The budget committee of Ballard Office Supply has assembled the following data: (Click the icon to view the balance sheet.) More info a. Sales in April are expected to be $160,000. Ballard forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over April sales. July Requirement 1. Prepare Ballard's sales budget for April and May 2024. Round all sales will increase 20% over April sales. b. Ballard maintains inventory of $7,000 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 $3,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: $3,400 - Depreciation: $800 - Insurance: $300 - Income tax: $1,500 Requirement 2. Prepare Ballard's inventory, purchases, and cost of goods sold by Data table Ballard Office Supply Balance Sheet March 31, 2024 Assets Current Assets: \begin{tabular}{|l|r|} \hline Cash & $35,000 \\ \hline Accounts Receivable & 14,000 \\ \hline Merchandise Inventory & 27,000 \\ \hline Prepaid Insurance & 1,200 \\ \hline Total Current Assets & $77,200 \\ \hline \end{tabular} Property, Plant, and Equipment: \begin{tabular}{|lrr} \multicolumn{1}{c}{ Equipment and Fixtures } & 35,000 \\ \multicolumn{1}{c}{ Less: Accumulated Depreciation } & (18,000) & 17,000 \\ \cline { 1 - 3 } Total Assets & $94,200 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable $19,0001,755 Data table