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Question Help Burton Office Supply's March 31, 2018, balance sheet follows: The budget committee of Burton Office Supply has assembled the following data: (Click the icon to view the balance sheet.) i(Click the icon to view the data.) Read the requirements. Requirement 1. Prepare Burton's sales budget for April and May 2018. Round all amounts to the nearest dollar. Burton Office Supply Sales Budget April and May, 2018 April May Total budgeted salesRequirement 2. Prepare Burton's inventory, purchases, and cost of goods sold budget for April and May. Burton Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April May Plus: Total merchandise inventory required Less: Budgeted PurchasesRequirement 3. Prepare Burton's selling and administrative expense budget for April and May. Burton Office Supply Selling and Administrative Expense Budget April and May, 2018 April May Variable expenses: Fixed expenses: Total fixed expenses Total selling and administrative expenses Choose from any list or enter any number in the input fields and then continue to the next question.o More Info - X a. Sales in April are expected to be 332001000. Burton forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over Apnl sales. July sales will increase 20% over April sales. b. Burton maintains inventory of $15,000 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 $2,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: ' Rent: $2,000 ' Depreciation: $200 ' Insurance: $100 ' Income tax: $2,200 5" i Data Table X Burton Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $ 32,000 Accounts Receivable 12,000 Merchandise Inventory 40,000 Prepaid Insurance 1,600 Total Current Assets 85,600 Property, Plant, and Equipment: Equipment and Fixtures 40,000 Less: Accumulated Depreciation (12,000) 28,000 Total Assets $ 113,600 Liabilities Current Liabilities: Accounts Pavable 16 000 Print Donei Data Table X TV, VVV Prepaid Insurance 1,600 Total Current Assets 85,600 Property, Plant, and Equipment: Equipment and Fixtures 40,000 Less: Accumulated Depreciation (12,000) 28,000 Total Assets $ 113,600 Liabilities Current Liabilities: Accounts Payable 16,000 Salaries and Commissions Payable 2,700 Total Liabilities $ 18,700 Stockholders' Equity Common Stock, no par 25,000 Retained Earnings 69,900 Total Stockholders' Equity 94,900 Total Liabilities and Stockholders' Equity S 113,600 Print Done