information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $160,000,$130,000,$250,000, and $70,000, respectively. 2. Cost of goods sold is 50 percent of expected sales. 3. CGC's desired ending inventory is 60 percent of the following month's cost of goods sold. 4. Monthly operating expenses are estimated to be: - Salaries: $35,000. - Delivery expense: 5 percent of monthly sales. - Rent expense on the warehouse: $3,500. - Utilities: $700. - Insurance: $360. - Other expenses: $460. Required: 1. Compute the budgeted cost of purchases for each month in the second quarter. 2. Complete the budgeted income statement for each month in the second quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cost of purchases for each month in the second quarter. information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $160,000,$130,000,$250,000, and $70,000, respectively. 2. Cost of goods sold is 50 percent of expected sales. 3. CGC's desired ending inventory is 60 percent of the following month's cost of goods sold. 4. Monthly operating expenses are estimated to be: - Salaries: $35,000. - Delivery expense: 5 percent of monthly sales. - Rent expense on the warehouse: $3,500. - Utilities: $700. - Insurance: $360. - Other expenses: $460. Required: 1. Compute the budgeted cost of purchases for each month in the second quarter. 2. Complete the budgeted income statement for each month in the second quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cost of purchases for each month in the second quarter