The budget committee of Women's Accessories, 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.

View the information to prepare the budget.

Requirement

Prepare Women's Accessories' 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.$)$

$\backslash$table$[[$Beginning inventory,May,June$],[$$$,26,500],[$Purchases$],[$Cost of goods available for sale$],[$Ending inventory,,,$],[$Cost of goods sold,,,$]]$

Information to prepare the budget

a$.$ Sales in April were $$50,000.$ You forecast that monthly sales will increase $10\%$ in May and an additional $2\%$ in June.

b$.$ Women's Accessories maintains inventory of $$10,000$ plus $30\%$ of the sales revenues budgeted for the following month. Monthly purchases average $50\%$ of sales revenue in that same month. Actual inventory on April $30$ is $$26,500.$ Sales budgeted for July are $$70,000.$

c$.$ Monthly salaries amount to $$7,000.$ Sales commissions equal $10\%$ of sales for that month. Combine salaries and commissions into a single figure.

d$.$ Other monthly expenses are as follows:

$\backslash$table$[[$Rent expense $.,$$$2,800,$ paid as incurred$],[$Depreciation expense,$$600$