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Burton Office Supply's March 31, 2018, balance sheet follows: The budget committee of Burton Office Supply has assembled the following data: a. Sales in April are expected to be $200,000. Burton 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. Burton maintains inventory of $15,000 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 $7,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: $2,000 - Depreciation: $200 - Insurance: $100 - Income tax: $2,200 Requirements 1. Prepare Burton's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Burton's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Burton's selling and administrative expense budget for April and May. Burton Office Supply's March 31, 2018, balance sheet follows: The budget committee of Burton Office Supply has assembled the following data: a. Sales in April are expected to be $200,000. Burton 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. Burton maintains inventory of $15,000 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 $7,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: $2,000 - Depreciation: $200 - Insurance: $100 - Income tax: $2,200 Requirements 1. Prepare Burton's sales budget for April and May 2018. Round all calculations to the nearest dollar. 2. Prepare Burton's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Burton's selling and administrative expense budget for April and May