Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the internet 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 year:

1. Expected monthly sales for April, May, and June are $150,000, $120,000, $240,000, and $60,000, respectively.

2. Cost of goods sold is 30 percent of expected sales.

3 CGC's desired ending inventory is 50 percent of the following months's cost of goods sold.

4. Monthly operating expenses are estimated to be:

Salaries: $36,000

Delivery Expense: 6 percent of monthly sales

Rent Expense on the warehouse: $3,000

Utilities: $600

Insurance: $300

Other Expenses:$400

Required:

1. Compute the budgeted cost of purchases for each month in the second quarter.

2. Complete the budgeted income statement for each konth in the second quarter.

Required: 1. Compute the budgeted cost of purchases for each month in the second quarter. 2. Complete the budgeted income statement for each month in the second quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the budgeted cost of purchases for each month in the second quarter. April Total cost of budgeted purchases May June Required 2 > Complete the budgeted income statement for each month in the second quarter. CITRUS GIRL COMPANY Budgeted Income Statement For the Month Ending April 30 May 31 June 30 Budgeted Gross Margin Budgeted Net Operating Incomo