The budget committee of Casual Gais, an upscale women's clothing retailer, has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June m (Click the loon to view the information to prepare the budget) Requirement Prepare Casual Gas budgeted income statements for May and June. Show cost of goods sold computations Before completing the budgeted income statements, compute the budgeted cost of goods sold for May and June (Round your answers to the nearest whole dar) Cost of goods sold JUNIOWING Uata. As the business manager, you must prer i Data Table a. Sales in April were $35,000. You forecast that monthly sales will increase 10% in May and additional 4% in June. b. Casual Gals maintains inventory of $9,000 plus 30% of the sales revenues budgeted for the following month. Monthly purchases average 50% of sales revenue in that same month. Act inventory on April 30 is $20,550. Sales budgeted for July are $45,000. c. Monthly salaries amount to $4,000. Sales commissions equal 5% of sales for that month. Combine salaries and commissions into a single figure. d. Other monthly expenses are as follows: Rent expense ............. $2,200, paid as incurred Depreciation expense ...... $500 Insurance expense......... $200, expiration of prepaid amount Income tax ... 20% of operating income