Requirement 1. Prepare Watercooler's sales budget for April and May 2018. Round all amounts to the nearest dollar. Watercooler Office Supply Sales Budget April and May, 2018 April May Total budgeted sales Requirement 2. Prepare Watercooler's inventory, purchases, and cost of goods sold budget for April and May. Watercooler Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April May Plus: Total merchandise inventory required Less: Budgeted Purchases Requirement 3. Prepare Watercooler's selling and administrative expense budget for April and May. Watercooler Office Supply Selling and Administrative Expense Budget April and May, 2018 April May Variable expenses: Fixed expenses: IMTI Total fixed expenses Total selling and administrative expenses - X More Info Data Table a. Watercooler Office Supply Balance Sheet March 31, 2018 Sales in April are expected to be $120,000. Watercooler 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. Watercooler maintains inventory of $7,000 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 $9,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: Rent: $2,200 Depreciation: $500 Insurance: $200 Income tax: $2,100 Assets Current Assets Cash $ 26,000 Accounts Receivable 14,000 Merchandise Inventory 22,000 2,000 Print Done Prepaid Insurance Total Current Assets S 64,000 Property, Plant, and Equipment: Equipment and Fixtures 35.000 (10,000) 25,000 Less: Accumulated Depreciation $ 89,000 Total Assets Liabilities Current Liabilities: $ Accounts Payable Salaries and Commissions Payable 20,000 6,450 Total Liabilities 26,450 Stockholders' Equity Common Stock, no par 12.000 50,550 Retained Earnings Total Stockholders' Equity 62,550 Print Done Activate Windows Go to Settings to activate Wi tion