Fountain Office Supply's March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) Data Table The budget committee of Fountain Office Supply has assembled the following data (Click the icon to view the data) Read the requirements Requirement 1. Prepare Fountain's sales budget for April and May 2024. Round all amounts to the nearest dollar. Fountain Office Supply Sales Budget April and May, 2024 April May Total budgeted sales Requirement 2. Prepare Fountain's inventory, purchases, and cost of goods sold budget for April and May. Fountain Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2024 April May Plus: Total merchandise inventory required Less Budgeted Purchases Requirement 3. Prepare Fountain's selling and administrative expense budget for April and May. Data table Current Assets: Fountain Office Supply Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Balance Sheet March 31, 2024 Assets Property, Plant, and Equipment Equipment and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Salaries and Commissions Payable. $ 23,000 22,000 15,500 2,500 $ 63,000 42,000 (24,000) 18,000 $ 81,000 $ 14,000 3,825 Print Done Q Search EAB Data table Merchandise Inventory 15,500 2,500 Prepaid Insurance Total Current Assets $ 63,000 Property, Plant, and Equipment Equipment and Fixtures Less: Accumulated Depreciation Total Assets 42,000 (24,000) 18,000 S 81,000 Liabilities Current Liabilities Accounts Payable S 14,000 Salaries and Commissions Payable 3,825 Total Liabilities S 17,825 Stockholders' Equity Common Stock, no par 17,000 Retained Eamings 46,175 Total Stockholders' Equity 63,175 Total Liabilities and Stockholders Equity 81,000 Print Done Q Search EAB More info a. b. PP Sales in April are expected to be $60,000. Fountain 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. Fountain maintains inventory of $8,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. C. Monthly salaries amount to $10,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: d. Rent: $3,400 . Depreciation: $300 Insurance: $200 Income tax: $2,000 Print Done Da F ba Requirements 1. Prepare Fountain's sales budget for April and May 2024. Round all calculations to the nearest dollar. 2. Prepare Fountain's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Fountain's selling and administrative expense budget for April and May. Print Done - X