The budget committee of Clipboard Office Supply has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June 2011.

Requirement

Prepare Clipboard Office Supplys budgeted income statements for May and June. Show cost of goods sold computations. Round all amounts to the nearest $100. (Round amounts ending in $50 or more upward, and amounts ending in less than $50 downward.) For example, budgeted May sales are $51,000 ($50,000 x 1.02), and June sales are $52,200 ($51,000 x 1.024)