Paperclip Office Supply's March 31, 2018, balance sheet follows: Click the icon to view the balance sheet.) Question Help The budget committee of Paperclip Office Supply has assembled the following data: Click the icon to view the data.) Read the requirements. Requirement 1. Prepare Paperclip's sales budget for April and May 2018. Round all amounts to the nearest dollar. Paperclip Office Supply Sales Budget April and May, 2018 April May Total budgeted sales Requirement 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May. Paperclip Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April May Plus Choose from any list or enter any number in the input fields and then continue to the next question Data Table Paperclip Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash $ Accounts Receivable 20,000 20,000 23,000 1,500 Merchandise Inventory Prepaid Insurance Total Current Assets $ 64,500 Property, Plant, and Equipment: Equipment and Fixtures 42,000 (10,000) Less: Accumulated Depreciation 32,000 $ 96,500 Total Assets Liabilities Current liabilities Liabilities Current Liabilities: Accounts Payable $ 10,000 8,633 Salaries and Commissions Payable Total Liabilities $ 18,633 Stockholders' Equity Common Stock, no par 10,000 67,867 Retained Earnings 77,867 Total Stockholders' Equity $ 96,500 Total Liabilities and Stockholders' Equity Total budgeted sales Requirement 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May. Paperclip Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April May Plus: Total merchandise inventory required Less: Budgeted Purchases Requirement 3. Prepare Paperclip's selling and administrative expense budget for April and May. Paperclip 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 HE i More Info a. b. c. d. Sales in April are expected to be $120,000. Paperclip 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. Paperclip 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. Monthly salaries amount to $9,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $3,000 Depreciation: $800 Insurance: $400 Income tax: $1,500 Print Done