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Printer Office Supply's March 31, 2024, balance sheet follows: The budget committee of (Click the icon to view the balance sheet.) (.) (Click the icon to vies Read the requirements. Requirement 1. Prepare Printer's sales budget for April and May 2024. Round all amounts to the nearest dollar Requirements 1. Prepare Printer's sales budget for April and May 2024. Round all calculations to the nearest dollar. 2. Prepare Printer's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Printer's selling and administrative expense budget for April and May Printer Office Supply. Balance Sheet March 31, 2024 Assets Current Assets: Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable $10,000 Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings \begin{tabular}{l} 10,000 \\ 48,675 \\ \hline \end{tabular} Total Stockholders' Equity 58,675 a. Sales in April are expected to be $160,000. Printer 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. Printer 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 $10,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: $2,600 - Depreciation: $500 - Insurance: $300 - Income tax: $1,600 Requirement 2. Prepare Printer's inventory, purchases, and cost of goods sold budget for April and May. Printer Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2024 Plus: Total merchandise inventory required Less: Budgeted Purchases