Clipboard Office Supply sales in april: 50,000, sales in may: 51,000, sales in june: 52,200 Clipboard maintains inventory of 9,000 plus 25% of the sales revenue budgeted for the following month. monthly purchases average 50% of sales revenue in that same month. actual inventory on april 30 is 13,000. sales budgeted for july are 65,000. monthly salaries amount to 3,000. sales commissions=4% of sales for that month. combine salaries & commissions into a single figure. other monthly expense: rent expense (2,600 paid as incurred), depreciation expense (300), insurance expense (200, expiration of prepaid amount), income tax (20% of operating income).prepare a budgeted income statement for May.