1 Franklin Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Franklin's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $78,000. 10 points Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. eBook Hint Complete this question by entering your answers in the tabs below. Print Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. References Inventory Purchases Budget January February March Budgeted cost of goods sold $ 50,000 $ 54,000 $ 60,000 Plus: Desired ending inventory 10,800 Inventory needed 60.800 Less: Beginning inventory 10,000 Required purchases (on account) $ 50.800 1 Franklin Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Franklin's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $78,000. 10 points Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. eBook Hint Complete this question by entering your answers in the tabs below. Print Req A Req B and C References Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. b. Cost of goods sold c. Ending inventory