Paperclip Office Supply's March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) 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 2024. Round all amounts to the nearest dollar. Requirement 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May. Paperclip Office Supply's March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Paperclip Office Supply has assembled the following data: (Click the icon to view the data.) Read the requirements. Requirement 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May. Requirement 3. Prepare Paperclip's selling and administrative expense budget for April and May. tee of Paperclip Off following data: to view the data.) ants. and May. Data table a. Sales in April are expected to be $180,000. 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. b. Paperclip maintains inventory of $12,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. c. Monthly salaries amount to $8,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: $3,200 - Depreciation: $800 - Insurance: $500 - Income tax: $2,400 Requirements 1. Prepare Paperclip's sales budget for April and May 2024. Round all calculations to the nearest dollar. 2. Prepare Paperclip's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Paperclip's selling and administrative expense budget for April and May