7 174 points Peabody, Inc, sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April June July Budgeted cost of goods sold $63,000 $73,000 $83,000 $89.000 May eBook Beerence Peabody had a beginning inventory balance of $3,000 on April 1 and a beginning balance in accounts payable of $14,600. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Peabody makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase Required a. Prepare an inventory purchases budget for April, May, and June 7 Inventory Purchases Budget Budgeted cost of goods sold April May June $ 63,000 $ 73,000 $ 83,000 1.74 points Inventory needed Book Required purchases (on account) References b. Determine the amount of ending inventory Peabody will report on the end-of-quarter pro forma balance sheet Mc 7 b. Determine the amount of ending inventory Peabody will report on the end-of-quarter pro forma balance sheet. 174 points Ending inventory Book References c. Prepare a schedule of cash payments for inventory for April, May, and June April May June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory 7. April May June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory 1.74 points eBook References d. Determine the balance in accounts payable Peabody will report on the end-of-quarter pro forma balance sheet. Accounts payable