Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Intenet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $280,000, $250,000, $370,000, and $150,000, respectively. 2. Cost of goods sold is 30 percent of expected sales. 3. CGC's desired ending inventory is 25 percent of the following month's cost of goods sold. 4. Monthly operating expenses are estimated to be Salaries: $36,000 Delivery expense: 5 percent of monthly sales Utilities: $1,500 Other expenses: $250 . Rent expense on the warehouse: $7,500 .Insurance: $150 Required: 1. Compute the budgeted cost of purchases for each month in the second quarter. April May Total cost of budgeted purchases 2. Complete the budgeted income statement for each month in the second quarter. CITRUS GIRL Budgeted Income Statement For the Month Ending April 30 May 31 June 30 Budgeted Gross Margin Budgeted Net Operating Income