Vinning Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) i Data Table March 31, 2018 Requirement 1. Prepare Vinning's sales budget for April and May 2018. Round all amounts to the nearest dollar. Assets Current Assets: Cash Vinning Office Supply Sales Budget April and May, 2018 April Accounts Receivable 28,000 21,000 25,500 2,400 Merchandise Inventory May Total budgeted sales $ 76,900 Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Requirement 2. Prepare Vinning's inventory, purchases, and cost of goods sold budget for April and May Less: Accumulated Depreciation Vinning Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April 56,000 (23,000) $ 33,000 109,900 May Plus: Total merchandise inventory required 10,000 3,800 Total Assets Liabilities Current Liabilities: Accounts Payable $ Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Less: $ 13,800 Budgeted Purchases Requirement 3. Prepare Vinning's selling and administrative expense budget for April and May. 15,000 81,100 96,100 Vinning Office Supply Selling and Administrative Expense Budget April and May, 2018 $ 109,900 Total Liabilities and Stockholders' Equity Requirement 3. Prepare Vinning's selling and administrative expense budget for April and May. 1 More Info Vinning Office Supply Selling and Administrative Expense Budget April and May, 2018 April a. Sa May Variable expenses: Sales in April are expected to be $100,000. 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 $13,000 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 $6,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2,800 Depreciation: $800 Insurance: $200 Income tax: $1,800 Fixed expenses: uz Total fixed expenses Print Done Total selling and administrative expenses