Clipboard Office Supply's March 31,2024, balance sheet follows: (Click the icon to view the balance...
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Clipboard Office Supply's March 31,2024, balance sheet follows: (Click the icon to view the balance sheet.) (Click the icon to view the data.) assembled the following data: Read the requirements. Requirement 1. Prepare Clipboard's sales budget for April and May 2024. Round all amounts to the nearest dollar. Requirement 2. Prepare Clipboard's inventory, purchases, and cost of goods sold budget for April and May. Print Done a. Sales in April are expected to be $120,000. Clipboard 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. Clipboard 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. c. Monthly salaries amount to $8,000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: - Rent: $2,400 - Depreciation: $600 - Insurance: $400 - Income tax: $2,100
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