Question 18 (14 points) You have been promoted to Senior Financial Analyst at a consulting company, and senior management is now asking you to complete financial projections for Chocolate Explosion Inc for the upcoming spring months (May and June). Chocolate Explosion manufactures and sells bags of chocolate covered coffee beans. Each bag is sold for $11, and each costs $5 to manufacture (COGS per unit is $5). Sales for the month of April were $22,000 or 2000 bags of coffee beans. April's Income Statement for Chocolate Explosion Inc is given below. Chocolate Explosion Inc. Income Statement For the month ended April 30, 2022 Sales COGS Gross profit Salaries expense Profit $22,000 12,000 5,000 $7,000 Complete the May 31 and June 30 projected Income Statements using the following esti- mates: Sales volume (number of bags sold) will increase by 10% in May. The selling price remains at $11 per bag during May. In June, the sales volume increases by another 10% and the selling price increases by $1 per bag COGS will decrease to 40% of sales revenue, for May and June Salaries expense will double from April to May, and then remain constant at the new higher level in June Projected Statement of income for May (7 points): Projected Statement of income for June (7 points):