The budget committee of Clipboard Office Supply has assembled the following data.

QUESTION

P21-21A The budget committee of Clipboard Office Supply has assembled
the following data. As the business manager, you must prepare the budgeted
income statements for May and June 2011.

a. sales in April
were $50,000. You forecast that monthly sales will increase 2.0% in May and
2.4% in June.
b. clipboard
maintains inventory of $9000 plus 25% of the sales revenue budgeted for the
following month. Monthly purcahses average 50% of sales revenue for the same
month. Actual inventory on April 30th was $13000. Sales budgeted for July are
$65000
c monthly salaries
amount to $3000. Sales commissions equal 4% of sales for that month. Combine
salaries and commissions into a single figure.
d. other monthly
expenses are
rent $2600 paid as
incurred
depreciation $300
insurance $200
expiration of prepaid amount
income tax 20% of
operating income.

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