Vinning Office Supply's March 31, 2024, balance sheet follows: (Click the icon to view the balance sheet.) Requirement 1. Prepare Vinning's sales budget for April and May 2024. Round all amounts to the near Requirement 2. Prepare Vinning's inventory, purchases, and cost of goods sold budget for April and M: a. Sales in April are expected to be $60,000. 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. b. Vinning maintains inventory of $7,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. c. Monthly salaries amount to $4,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: $2,800 - Depreciation: $400 - Insurance: $200 - Income tax: $2,300 \begin{tabular}{|c|c|c|c|} \hline Merchandise Inventory & & 14,500 & \\ \hline Prepaid Insurance & & 1,700 & \\ \hline Total Current Assets & & $ & 62,200 \\ \hline Property, Plant, and Equipment: & & & \\ \hline Equipment and Fixtures & & 45,000 & \\ \hline Less: Accumulated Depreciation & & (24,000) & 21,000 \\ \hline Total Assets & & $ & 83,200 \\ \hline Liabilit & & & \\ \hline Current Liabilities: & & & \\ \hline Accounts Payable & $ & 19,000 & \\ \hline Salaries and Commissions Payable & & 2,700 & \\ \hline Total Liabilities & & & 21,700 \\ \hline Stockholder & & & \\ \hline Common Stock, no par & & 14,000 & \\ \hline Retained Earnings & & 47,500 & \\ \hline Total Stockholders' Equity & & & 61,500 \\ \hline Total Liabilities and Stockholders' Equity & & & 83,200 \\ \hline \end{tabular}