Cube Office Supply's March 31, 2018, balance sheet follows The budget committee of Cubbe Office Supply has assembled the following data: (Click the icon to view the data.) E(Click the icon to view the balance sheet.) Read the requirements Requirement 1. Prepare Cube's sales budget for April and May 2018. Round all amounts to the nearest dollar Cube Office Supply Sales Budget April and May, 2018 May April 140,000 142,800 Total budgeted sales Requirement 2. Prepare Cube's inventory, purchases, and cost of goods sold budget for April and May Cube Supply Company hanne and Cnnt af Conde Cald Ddnnt Insnntan D Choose from any list or enter any number in the input flelds and then click Check Answer Cube Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 May April 70,000 $ 71,400 $ Cost of goods sold 26850 26,850 Desired ending merchandise inventory Plus 98250 17750 Total merchandise inventory required 10750 26,500 Beginning merchandise inventory Less: Budgeted Purchases X Data Table Cube Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash 28,000 Accounts Receivable 18,000 Merchandise Inventory 26,500 1,500 Prepaid Insurance Total Current Assets 74,000 Property, Plant, and Equipment Equipment and Fixtures 61,000 25 000 Print Done TCTTemL A Data Table i 35,000 (26,000) Less: Accumulated Depreciation 109,000 Total Assets Liabilities Current Liabilities $ 15,000 Accounts Payable 8.400 Salaries and Commissions Payable 23,400 $ Total Liabilities Stockholders' Equity Common Stock, no par 21,000 64,600 Retained Earnings 85,600 Total Stockholders' Equity 109,000 Total Liabilities and Stockholders Equity Print Done - X More Info Sales in April are expected to be $140,000. Cube 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. Cube maintains inventory of $9,000 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 $9,000. Sales commissions equal 5% of sales for that month. d. a. b. C. Other monthly expenses are as follows: Rent: $3,000 Depreciation: $700 Insurance: $300 Income tax: $2,300 Print Done i Requirements X ry 1. Prepare Cube's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Cube's inventory, purchases, and cost of goods sold budget for April and May. Prepare Cube's selling and administrative expense budget for April and May cha eq 3. ise Print Done anv number in the innut fields and then.click Check Ancuer