You have been promoted to Senior Financial Analyst at the consulting company, and senior management is now asking you to complete financial projections for Pannu Inc for the upcoming spring months (May and June). Pannu manufactures and sells bags of coffee beans. Each bag is sold for $11, and each costs $5 to manufacture (COGS per unit is $5). Sales for the month of April were $22,000 or 2000 bags of coffee beans. April's Income Statement for Pannu Inc is given below. Pannu Inc. Income Statement For the month ended April 40, 2020 Sales $ 22,000 COGS 10,000 Gross profit 12,000 Salaries expense 5,000 Profit $ 7,000 Complete the May 31 and June 30 projected Income Statements using the following estimates: Sales volume (number of bags sold) will increase by 10% in May. The selling price remains at $11 per bag during May. In June, the sales volume increases by another 10% and the selling price increases by $1 per bag COGS will decrease to 40% of sales revenue, for May and June Salaries expense will double from April to May, and then remain constant at the new higher level in June