Adams, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June,

and July.

Adams had a beginning inventory balance of $$4,300$ on April $1$ and a beginning balance in accounts payable of $$15,500.$ The company

desires to maintain an ending inventory balance equal to $10$ percent of the next period's cost of goods sold. Adams 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.

b$.$ Determine the amount of ending inventory Adams will report on the end$-$of$-$quarter pro forma balance sheet.

c$.$ Prepare a schedule of cash payments for inventory for April, May, and June.

d$.$ Determine the balance in accounts payable Adams will report on the end$-$of$-$quarter pro forma balance sheet.

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