The budget committee of Casual Gals, an upscale women's clothing retailer, has assembled the following data. As he business manager, you must prepare the budgeted income statements for May and June. ER (Click the icon to view the information to prepare the budget) Requirement Prepare Casual Gals' budgeted income statements for May and June. Show cost of goods sold computations. sa o 1 Data Table a. Sales in April were $50,000. You forecast that monthly sales will increase 8% in May and an additional 2% in June. b. Casual Gals maintains inventory of $9,000 plus 20% of the sales revenues budgeted for the following month. Monthly purchases average 50% of sales revenue in that same month. Actual inventory on April 30 is $19,800. Sales budgeted for July are $65,000. c. Monthly salaries amount to $3,000. Sales commissions equal 10% of sales for that month Combine salaries and commissions into a single figure. d. Other monthly expenses are as follows. $3,000, paid as incurred Rent expense Depreciation expense Insurance expense $400 --- + $200, expiration of prepaid amount 20% of operating income Income tax Print Done Now complete the budgeted income statements for May and June. (Round your answers to the nearest whole dolar.) Casual Gals Budgeted Income Statements For the Months Ended May St and June 30 May Juno Sales revenue Cost of goods sold Gross profit Operating expenses: Salaries and commission expense Rent expense Depreciation expense Insurance expense Operating income income tax expense Net Income (loss