Homework: Homework 6 Score: 9.71 of 10 pts % P22-42A (similar to) Printer Office Supply's March 31, 2018, balance sheet follows: E (Click the icon to view the balance sheet.) Requirement 1. Prepare Printer's sales budget for April and May 2018. Round all Printer Office Supply Sales Budget April and May, 2018 April Total budgeted sales $ 80,000 May 81,600 $ Requirement 2. Prepare Printer's inventory, purchases, and cost of goods sold buc Printer Supply Company ntan. Durchase and Cnet of Candle Cald Rudinal Choose from any list or enter any number in the input fields and then click Che part remaining Type here to search o JUIC. U rullu pus 1 of 1 (1 complete) P22-42A (similar to) Printer Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget (Click t Read the re May Printer Supply Company Inventory, Purchases, and cost of Goods Sold Budget April and May, 2018 April Cost of goods sold Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted Purchases Plus: Choose from any list or enter any number in the input fields and then click Check Answer. part remaining Clear All et follows: The budget committee of Printer Office Supply has a * More Info a. Sales in April are expected to be $80,000. Printer 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. Printer maintains inventory of $7,000 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 $5,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $3,200 Depreciation: $300 Insurance: $200 Income tax: $2,000 Print Done i Data Table Printer Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 26,000 15,000 17,000 1,700 $ 59,700 52,000 Print Done 59,700 Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation 52,000 (14,000) 38,000 $ 97,700 Total Assets Liabilities Current Liabilities: Accounts Payable 14,000 6,125 $ 20,125 Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par 23,000 Print Done i Data Table 97,700 14,000 6,125 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 20,125 23,000 54,575 77,575 $ 97,700 Print Done