Please help with requirement 2 and 3. Thank you.

Paperclip Office Supply's March 31, 2018, balance sheet follows: (Click the icon to vlow the balance sheet.) The budget committee of Paperclip Office Supply has assembled the following data: a click the lean to view the data More Info - X 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 s Total budgeted sales 60.000 $ 61,200 b c. d. Sales in April are expected to be $60,000. 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 $4.000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2.200 Depreciation: 5400 Insurance: $300 Income tax: $1,600 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 0 Requirements April May Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory 1. Prepare Paperclip's sales budget for April and May 2018. 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. Budgeted Purchases Choose from any list or enter any number in the input fields and then click Check Answer. Print Done Requirement 3. Prepare Fountain's selling and administrative expense budget for April and May. The selling and administrative expense budget shows all budgeted selling and administrative expenses for the month, broken out between variable expenses (those that fluctuate with sales) and those that are fixed each month. Remember that commissions expense is budgeted at 5% of sales for that month. All other operating expenses will be a fixed amount each month. Use your previous sales revenue calculations along with the fixed expense amounts given in the information to complete this budget. Fountain Office Supply Selling and Administrative Expense Budget April and May, 2018 April May Variable expenses: Commissions Expense Fixed expenses: Salaries Expense Enter any number in the edit fields and then click Check Answer. ? Paperclip Office Supply Balance Sheet More Info - X March 31, 2018 Assets Current Assets: a. Cash $ 20,000 Accounts Receivable 18,000 Merchandise Inventory 15,500 2,200 Sales in April are expected to be $60,000. 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 $8,000 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 $4,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: Rent: $2,200 Depreciation: $400 Insurance: $300 Income tax: $1,600 Prepaid Insurance Total Current Assets $ 55,700 Property, Plant, and Equipment: Equipment and Fixtures 30,000 (10,000) 20.000 Less: Accumulated Depreciation Print Done $ Total Assets 75,700 Liabilities Requirements Current Liabilities: Accounts Payable $ 17,000 4,200 Salaries and Commissions Payable Total Liabilities $ 21,200 1. Prepare Paperclip's sales budget for April and May 2018. 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. Stockholders' Equity Common Stock, no par 13,000 41,500 Retained Earnings Total Stockholders' Equity 54,500 Print Done $ 75,700 Total Liabilities and Stockholders' Equity