Vinning Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Vinning Office Supply has assembled the following data: (Click the icon to view the data.) Read the requirements. $ 160,000 || $ 163,200 Total budgeted sales Requirement 2. Prepare Vinning's inventory, purchases, and cost of goods sold budget for April and May. Vinning Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April May Plus: Total merchandise inventory required Less: Budgeted Purchases Data Table Vinning Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash 34,000 19,000 Accounts Receivable Merchandise Inventory 28,000 1,400 Prepaid Insurance Total Current Assets $ 82,400 Property, Plant, and Equipment: Equipment and Fixtures 52,000 (15,000) Less: Accumulated Depreciation 37,000 $ 119,400 Tatol Ascote $ 119,400 Total Assets Liabilities Current Liabilities: Accounts Payable 12,000 5,900 Salaries and Commissions Payable Total Liabilities $ 17,900 Stockholders' Equity Common Stock, no par 14,000 87,500 Retained Earnings Total Stockholders' Equity 101,500 $ 119,400 Total Liabilities and Stockholders' Equity More Info a. C. Sales in April are expected to be $160,000. Vinning 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. Vinning maintains inventory of $8,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $10,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2,200 Depreciation: $400 Insurance: $200 Income tax: $2,100 Print Done 2. Prepare Vinning's inventory, purchases, and cost of goods sold budget for April and May 3. Prepare Vinning's selling and administrative expense budget for April and May. Print Print Done Done