Adams, Incorporated sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July: Required A Required B Budgeted cost of goods sold Adams had a beginning inventory balance of $4,200 on April 1 and a beginning balance in accounts payable of $14,400. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Adams makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the month following purchase. April $ 73,000 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. Complete this question by entering your answers in the tabs below. Inventory needed Required C Required purchases (on account) May $ 83,000 Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget Budgeted cost of goods sold $ June $ 93,000 Required D July $ 99,000 April May June 73,000 $ 83,000 $ 93,000

Determine the amount of ending inventory Adams will report on the end-of-quarter pro forma bala Adams, Incorporated 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 $4,200 on April 1 and a beginning balance in accounts payable of $14,400. The compar desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Adams makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 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. Complete this question by entering your answers in the tabs below. Prepare an inventory purchases budget for April, May, and June. Prepare a schedule of cash payments for inventory for April, May, and June. Note: Round your final answers to the nearest whole dollar. Complete this question by entering your answers in the tabs below. Determine the balance in accounts payable Adams will report on the end-of-quarter pro forma balance sheet