Question 10, PM7-51B (similar to) Part 1 of 3 Data table Data table More info a. Sales in April are expected to be $60,000. Fountain forecasts that monthly sales will increase 2% over April sales in May June's sales will increase by 4% over Aprit sales. July sales will increase 20% over April sales. b. Fountain maintains inventory of $10,000 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 $5,000. Sales commissions equal 5% of sales for that month d. Other monthly expenses are as follows: - Rent $3,400 - Depreciation $300 - Insurance: $200 - Income tax $1,600 Requirements 1. Prepare Fountain's sales budget for April and May 2024. Round all calculations to the nearest dollar. 2. Prepare Fountain's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Fountain's selling and administrative expense budget for April and May