The budget committee of Notebook Office Supply has assembled the following data; i (Click the icon to view the data.) a. Data Table b. Sales in April are expected to be $100.000. Notebook forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over April sales. July sales will increase 20% over April sales. Notebook maintains inventory of $9,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. c. Monthly salaries amount to $8,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: $3,400 Depreciation: $500 Insurance: $200 Income tax: $2,000 Assets Current Assets Cash S 34,000 32,000 Accounts Receivable Merchandise Inventory 21,500 1,200 Print Done $ 86,700 Notebook Supply Company Inventory, Purchases, and cost of Goods Sold Budget April and May, 2018 April Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 45,000 (10,000) 35,000 Less: Accumulated Depreciation May 123,700 Total Assets Liabilities Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted Purchases $ Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities 17,000 8,400 S 25,400 Stockholders' Equity Common Stock, no par 10,000 88,300 Retained Earnings Choose from any list or enter any number in the input fields and then click Check Answer Tolal Stockholders' Equity 98,300 ? S 123,700 Total Liabilities and Stockholders' Equity 1 part remaining Final Check Print Done