P22-28B The budget committee of Omaha Office Supply Co. has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June 2008.

P22-288 The budget committee of Omaha Office Supply Co. has assembied the following data. As the business manager, you must prepare the budgered income statements for May and June 2008. Sales bndget information: Sales in April were $42,100. You forecast that monthly sales will increase 2.0% in May and 2.4% in June. Inventory, purchases, and cost of goods sold budget information Omaha maintains inventory of $9,000 plus 25% of the sales revenue budgeted for the following month. Monthly purchases average 50% of sales revenue in that same month. Actual inventory on April 30 is $14,000. Sales budgeced for July are $42,400. continued