Printer Office Supply's March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) Requirement 1. Prepare Printer's sales budget for April and May 2024. Round all amounts to the nearest dollar. Printer Office Supply Sales Budget April and May, 2024 More info Total budgeted sales Get more help April May The budget committee of Printer Office Supply has assembled the following data: (Click the icon to view the data.) Read the requirements. a. Sales in April are expected to be $40,000. Printer 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. Printer maintains inventory of $14,000 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 $3,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: Rent: $2,800 Depreciation: $700 Insurance: $300 Income tax: $1,900 Requirements Data table Printer Office Supply Balance Sheet March 31, 2024 Assets Current Assets: Cash 26,000 Accounts Receivable 22,000 Merchandise Inventory 19,000 Prepaid Insurance 2,000 Total Current Assets 69,000 Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation 1. Prepare Printer's sales budget for April and May 2024. Round all calculations to the nearest dollar. 2. Prepare Printer's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Printer's selling and administrative expense budget for April and May. Total Assets Current Liabilities: Accounts Payable Liabilities Salaries and Commissions Payable Total Liabilities Print Done 60,000 (28,000) 32,000 101,000 14,000 1,725 $ 15,725 Stockholders' Equity Common Stock, no par 12,000 73,275 Retained Earnings 85,275 Total Stockholders' Equity