Required $1$&$2$ Citrus Girl Company $($CGC$)$ purchases quality citrus produce from local growers and sells the produce via the Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year:

Expected monthly sales for April, May, June, and July are $$160,000,$$$130,000,$$$250,000,$ and $$70,000,$ respectively.

Cost of goods sold is $50$ percent of expected sales.

CGC$\text{'}$s desired ending inventory is $60$ percent of the following month's cost of goods sold.

Monthly operating expenses are estimated to be:

Salaries: $$35,000$

Delivery expense: $5$ percent of monthly sales

Rent expense on the warehouse: $$3,500$

Utilities: $$700$

Insurance: $$360$

Other expenses: $$460$

Required:

Compute the budgeted cost of purchases for each month in the second quarter.

Complete the budgeted income statement for each month in the second quarter.

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Complete the budgeted income statement for each month in the second quarter.