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. 5 (Click the icon to view the information to prepare the budget.) Before completing the budgeted income statements, compute the budgeted cost of goods sold for May and June. (Round your answers to the nearest whole dollar.) May June Purchases Data table Cost of goods sold a. Sales in April were $36,000. You forecast that monthly sales will increase 6% in May and 5% in June. b. Clipboard Office Supply maintains inventory of $12,000 plus 25% 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 $21,540. Sales budgeted for July are $55,000. c. Monthly salaries amount to $3,000. Sales commissions equal 12% of sales for that month. Combine salaries and commissions into a single figure. d. Other monthly expenses are as follows: $2,800, paid as incurred $300 Rent expense Depreciation expense Insurance expense Income tax $200, expiration of prepaid amount 20% of operating income Print Done