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Cube Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Cube Office Supply has assembled the following data: (Click the icon to view the data.) Read the requirements Requirement 1. Prepare Cube's sales budget for April and May 2018. Round all amounts to the nearest dollar. - X More Info Cube Office Supply Sales Budget April and May, 2018 April May 102.000 $ 100.000 $ b. Total budgeted sales c. Requirement 2. Prepare Cube's inventory, purchases, and cost of goods sold budget for April and May. Sales in April are expected to be $100,000. Cube 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. Cube maintains inventory of $10,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $4,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $2,600 Depreciation: $300 Insurance: $200 Income tax: $1,700 d. May Print 51,000 Done Cube Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April Cost of goods sold $ 50,000 $ Plus: Desired ending merchandise inventory 22,750 Total merchandise inventory required 72,750 Less: Beginning merchandise inventory 22,500 $ Budnated Purchacac 50,250 $ 23,000 74,000 22.750 51,250 (Click the icon to view the balance sheet.) Less: Beginning merchandise inventory 22,500 22,750 50,250 $ 51,250 Budgeted Purchases Cube Office Supply Balance Sheet March 31, 2018 Assets Current Assets Requirement 3. Prepare Cube's selling and administrative expense budget for April and May. Cube Office Supply Selling and Administrative Expense Budget April and May, 2018 April May Cash $ 34,000 14,000 22,500 1,500 Variable expenses: Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation $ 72,000 Fixed expenses: 45,000 (28,000) 17,000 S 89,000 Total Assets Liabilities Total fixed expenses Total selling and administrative expenses Current Liabilities: Accounts Payable $ 17,000 Choose from any list or enter any number in the input fields and then click Check Answer. Print Done Cube Office Supply's March 31, 2018, balance sheet follows: (Click the icon to view the balance sheet.) x data: Data Table Merchandise Inventory 22.500 Less: Beginning merchandise inventory 22,500 22.750 1,500 $ 50.250 $ 51,250 Budgeted Purchases 72.000 Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Requirement 3. Prepare Cube's selling and administrative expense budget for April and May. Cube Office Supply Selling and Administrative Expense Budget April and May, 2018 April 45,000 (28,000) 17,000 Less: Accumulated Depreciation $ Total Assets 89,000 May Liabilities Variable expenses: Current Liabilities: Accounts Payable $ 17,000 3,450 Fixed expenses: Salaries and Commissions Payable Total Liabilities S 20,450 Stockholders' Equity Common Stock, no par 12,000 56,550 Retained Earnings Total fixed expenses 68,550 Total Stockholders' Equity Total selling and administrative expenses $ 89,000 Total Liabilities and Stockholders' Equity Choose from any list or enter any number in the input fields and then click Check

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