Please respond as spreadsheet format P9-60A Budgeted income statement (Learning Objective 2) The budget committee of Hilton Fashions, an upscale women's clothing retailer, has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June. a. Sales in April were $50,000. You forecast that monthly sales will increase 8% in May and an additional 4% in June. b. Hilton Fashions maintains inventory of $11,000 plus 20% of sales revenues budgeted for the following month. Monthly purchases average 50% of sales revenues in that same month. Actual inventory on April 30 is $21,800. Sales budgeted for July are $55,000. c. Monthly salaries amount to $3,000. Sales commissions equal 5% of sales for that month. Combine salaries and commissions into a single figure.

d. Other monthly expenses are as follows: Rent expense ...... $3,200, paid as incurred Depreciation expense $ 500 Insurance expense .. $ 300, expiration of prepaid amount Income tax.............if 20% of operating income Requirement Prepare Hilton Fashions' budgeted income statements for May and June. Show cost of goods sold computations