MANAGERIAL ACCOUNTING HANDOUT PROBLEM 2 Score Name Section Problem (10 points). The budget committee of Bloom and Company has assembled the following data. You are the business manager, and you must prepare the budgeted income statements for April, May, and June 20x7 BLOOM AND COMPANY DATA FOR PREPARING BUDGETS FOR MONTHS OF APRIL THROUGH JUNE 20X7 (a) Sales in March were $31.300. You forecast that April sales will be 1.3% higher than March's sales, May sales will be l ,5% higher than April's sales, and June sales will be 1.8% higher than May's sales. The company maintains an inventory of 30% of budgeted sales for the following month. Cost of goods sold averages 55% ofsales. Actual inventory on March 3 l is $12,000. Sales budgeted for July are S35,300 (b) equal 6% of sales. (c) Monthly salaries amount to $5,000. Sales (d) Other monthly expenses are provided below (1) Rent expense, $2,700. (2) Depreciation expense, S500 (3) Insurance expense, $100. (4) Miscellaneous expense, 3% of sales. 5) Income tax ex 20% of