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Clesuno Products Limilod dintributes eleaniog supplies. The corppany's controller has prepared budgeted financial statements for each month of the first quarter before he foll ill. You harve been asked to propare budgeted financial statements for the month of April in his absence. The following information has been assembled to assist you. The comnanv's general lodger showed the following balances as at March 31,2005 : Recent and hudoeted sales: Crodit sales aro 90 peroent of total sales. Eighty percent of crodit sales are collected in the month following the sale and 20 percent in the second month following the salo. The average gross profit on sales is 40 percent. The policy is to acquire enough inventory each month to equal the following month's projected sales. All purchases of inventory are paid for in the month following the purchase. Commissions are 20 percent of sales. All other expenses, excluding amortization, are estimated to be $60,000 per month. Amortization is $2,500 monthly. All expenses are paid in the month incurred. In April, the company is planning to pay $55,000 for equipment purchased in February. Clesuno Products Limilod dintributes eleaniog supplies. The corppany's controller has prepared budgeted financial statements for each month of the first quarter before he foll ill. You harve been asked to propare budgeted financial statements for the month of April in his absence. The following information has been assembled to assist you. The comnanv's general lodger showed the following balances as at March 31,2005 : Recent and hudoeted sales: Crodit sales aro 90 peroent of total sales. Eighty percent of crodit sales are collected in the month following the sale and 20 percent in the second month following the salo. The average gross profit on sales is 40 percent. The policy is to acquire enough inventory each month to equal the following month's projected sales. All purchases of inventory are paid for in the month following the purchase. Commissions are 20 percent of sales. All other expenses, excluding amortization, are estimated to be $60,000 per month. Amortization is $2,500 monthly. All expenses are paid in the month incurred. In April, the company is planning to pay $55,000 for equipment purchased in February