Data Table a. Sales in April were $50,000. You forecast that monthly sales will increase 12% in May and an additional 4% in June. b. Dress for Success maintains inventory of $8,000 plus 10% of the sales revenues budgeted for the following month. Monthly purchases average 50% of sales revenue in that same month. Actual inventory on April 30 is $13,600. Sales budgeted for July are $45,000. C. Monthly salaries amount to $6.000. Sales commissions equal 5% of sales for that month. Combine salaries and commissions into a single figure. d. Other monthly expenses are as follows: Rent expense Depreciation expense Insurance expense. .$100, expiration of prepaid amount Income tax $2,200, paid as incurred $200 20% of operating income Print Done The budget committee of Dress for Success, an upscale women's clothing retailer, has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June. EEB (Click the icon to view the information to prepare the budget.) Requirement Prepare Dress for Success' budgeted income statements for May and June. Show cost of goods sold computations. Before completing the budgeted income statements, compute the budgeted cost of goods sold for May and June. (Round your answers to the nearest whole dollar.) May June Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of goods sold 13,600 S 28,000 41,600 13,824) 27.776 S 13,824 29,120 42,944 (12,500) 30.444 Now complete the budgeted income statements for May and June. (Round your answers to the nearest whole dollar.) The budget committee of Dress for Success, an upscale women's clothing retailer, has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and Ju EEB (Click the icon to view the information to prepare the budget.) Requirement Prepare Dress for Success' budgeted income statements for May and June. Show cost of goods sold computations. Now complete the budgeted income statements for May and June. (Round your answers to the nearest whole dollar.) Dress for Success Budgeted Income Statements For the Months Ended May 31 and June 30 May June Sales revenue Cost of goods sold Gross profit Operating expenses: Salaries and commission expense Rent expense Depreciation expense Insurance expense Operating income Income tax expense Net income (loss) Enter any number in the edit fields and then click Check