the budget committee of Paperclip Office Supply 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.) 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 Cost of goods sold Choose from any list or enter any number in the input fields and then click Check Answer Data Table - X me hole a. Sales in April were $50,000. You forecast that monthly sales will increase 12% in May and 5% in June. b. Paperclip Office Supply maintains inventory of $10,000 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 $24,000. Sales budgeted for July are $65,000. 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: Rent expense $2,200, paid as incurred Depreciation expense $900 Insurance expense. $200, expiration of prepaid amount Income tax 20% of operating income Print Done Clear AT