Ruler Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Ruler Office Supply has assembled the following data: (Click the icon to view the data.) Read the requirements. .... Requirement 1. Prepare Ruler's sales budget for April and May 2018. Round all amounts to the nearest dollar. Ruler Office Supply Sales Budget April and May, 2018 April Data table May Ruler Office Supply Balance Sheet Total budgeted sales Requirement 2. Prepare Ruler's inventory, purchases, and cost of goods sold budget for April and May. Ruler Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 May 1........ March 31, 2018 Requirements Assets Current Assets: April Cash $ 26,000 1. Prepare Ruler's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Ruler's inventory, purchases, and cost of goods sold budget for April and May 3. Prepare Ruler's selling and administrative expense budget for April and May. Accounts Receivable 20,000 Merchandise Inventory 22.000 Plus: Total merchandise inventory required Prepaid Insurance 1,000 Less Total Current Assets $ 69,000 Budgeted Purchases Print Done Property, Plant, and Equipment: Equipment and Fixtures 61.000 (15,000) 46,000 Less: Accumulated Depreciation $ 115,000 Requirement 3. Prepare Ruler's selling and administrative expense budget for April and May. Ruler Office Supply Selling and Administrative Expense Budget April and May, 2018 April May Total Assets Liabilities More info Current Liabilities: Accounts Payable $ Variable expenses: 19,000 5,600 a. Salaries and Commissions Payable Total Liabilities Stockholders' Equity Fixed expenses: $ 24,600 Common Stock, no par Sales in April are expected to be $120,000. Ruler 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. Ruler 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. Monthly salaries amount to $9,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $3,000 Depreciation: $500 Insurance: $200 Income tax: $1,500 10,000 80,400 c. d. Retained Earnings Total Stockholders' Equity 90,400 Total fixed expenses $ Total Liabilities and Stockholders' Equity 115,000 Total selling and administrative expenses