The budget committee of Sally's Suits, 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 Sally's Suits' 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 dollar.) June May 14600 Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of goods sold Now complete the budgeted income statements for May and June. (Round your answers to the nearest whole dollar.) Colla Cuito a. Sales in April were $50,000. You forecast that monthly sales will increase 12% in May and an additional 4% in June. b. Sally's Suits 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 $14,600. Sales budgeted for July are $65,000. c. Monthly salaries amount to $4,000. Sales commissions equal 5% of sales for that month. Combine salaries and commissions into a single figure. d. Other monthly expenses are as follows: Rent expense $2,200, paid as incurred Depreciation expense $700 Insurance expense $400, expiration of prepaid amount Income tax 20% of operating income June Prepare Sally's Suits' budgeted income statements for May and June. Show cost of goods sold computations. Budgeted Income Statements For the Months Ended May 31 and June 30 May 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) MIO Choose from any list or enter any number in the input fields and then continue to the next