The budget committee of Clothes for Less, 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. (Click the icon to view the information to prepare the budget ) Requirement Prepare Clothes for Less' 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 doliar.) May June Data Table sales in April were S50.000. You forecast that monthly sales will increase 6% in May and an additional 2% in June. a. Cost of goods sold b. Clothes for Less maintains inventory of $9,000 plus 10% 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 $14,300. Sales budgeted for July are $70,000. Now complete the budgeted income statements for May and June. (Round your answers to the nearest whole dolar.) C. Monthly salanes amount to $4,000. Sales commissions equal 5% of sales for that month Clothes for Less Budgeted Income Statements For the Months Ended May 31 and June 30 Combine salaries and commissions into a single figure. d. Other monthly expenses are as follows: Rent expense Depreciation expense Insurance expense Income tax S3,000, paid as incurred S300 $100, expiration of prepaid amount 20% of operating income May June Sales revenue Cost of goods sold Gross profit PrintDone Choose from any list or enter any number in the input fields and then continue to the next