21 2 points eBook Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Thornton's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $77,000. 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. Complete this question by entering your answers in the tabs below. Hint Print References Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts, Budgeted cost of goods sold Inventory Purchases Budget Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) January February March $ 52,000 $ 56,000 $62.000 5,600 57,600 5,200 $ 52,400 eBook Hint Print D References Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Budgeted cost of goods sold Inventory Purchases Budget Plus: Desired ending inventory Inventory needed January February March $ 52,000 $ 56,000 $62,000 Less Beginning inventory Required purchases (on account) 5,600 57,600 5,200 $ 52.400 R-GA Req B and C > bok int c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end Complete this question by entering your answers in the tabs below. int erences Req A Red B and C 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, b. Cost of goods sold Ending inventory