Clipboard Ofce Supply's March 31, 2018, balance sheet follows: a (Click the icon to view the balance sheet.) The budget committee of Clipboard Ofce Supply has assembled the following data: 0 (Click the icon to view the data.) Read the moirements. Requirement 1. Prepare Clipboard's sales budget for April and May 2018. Round all amounts to the nearest dollart Total budgeted sales Requirement 2. Prepare Clipboard's inventory, purchases, and cost of goods sold budget for April and May. Plus: Total merchandise inventory required Less: o More Info - X Sales in April are expected to be $60,000. Clipboard 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. Clipboard maintains inventory of $13,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $6,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: - Rent: $2,600 ' Depreciation: $600 - Insurance: $400 ' Income tax: $1,700 Clipboard Ofce Supply's March 31, 2018, balance sheet follows: The budget committee of Clipboard Ofce Supply has assembled the following data: a (Click the icon to view the balance sheet.) 0 (Click the icon to view the data) Read the mums. Budgeted Purchases \"IEHHZI Requirement 3. Prepare Clipboard's selling and administrative expense budget for April and May. 0 More Info - X Sales in April are expected to be $60,000. Clipboard 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. . Clipboard maintains inventory of $13,000 plus 25% of the cost of goods sold budgeted for the Variable expenses: following month. Cost of goods sold equal 50% of sales revenue Monthly salaries amount to $6,000. Sales commissions equal 5% of sales for that month. . Other monthly expenses are as follows: Fixed expenses: ' Rent: 5,2500 ~ Deprecratron: $600 - Insurance: $400 ' Income tax: $1,700 April May E Total xed expenses Total selling and administrative expenses Choose from any list or enter any number in the input fields and then continue to the next question. 0 Data Table Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: 45,000 (20,000)