The budget committee of Dress for Success, an upscale women's clothing for has assembled the following data As the business manager, you must prepare the budgeted constatements for thy and (Clothe contesti come to pre budget Requirement Prepare Dress for Success budgeted income statements for May and JuneShow cost of goods and compass Bigfore completing the budgeted income statements, compute the butted cost of goods sold for May and June (round your wors to the ones wooledo ons (RI Data Table a. Sales in April were $50,000. You forecast that monthly sales will increase 8% in May and an additional 5% in June. b. Dress for Success maintains inventory of $11,000 plus 30% 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 $27.200 Sales budgeted for July are $50 000. C. Monthly salaries amount to $7,000 Sales commissions equal 5% of sales for that month Combine salaries and commissions into a single figure d. Other monthly expenses are as follows: ar Rent expense Depreciation expense Insurance expense $3,000, paid as incurred $600 $100, expiration of prepaid amount 20% of operating income Income tax Print Done Before completing the budgeted income statements, compute the budgeted cost of goods sold for May and June (Round your answers to the nearest whole dou) May June Beginning inventory 27200 Purchases Cost of goods available for sale Ending inventory Cost of goods sold Prepare Dress for Success budgeted income statements for May and June Show cost of goods sold computations. Dress for Success Budgeted Income Statements For the Months Ended May 31 and June 30 May June 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)