Baird, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April $63,000 May $73,000 Budgeted cost of goods sold June $83,000 July $89,000 Baird had a beginning inventory balance of $3,400 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Baird makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Baird 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 Baird will report on the end-of-quarter pro forma balance sheet. Required A Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. April $ 63,000 $ May June 73,000 $ 83,000 Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) 63,000 73,000 83,000 $ 63,000 $ 73,000 $ 83,000 Required A Required B Required C Required D Determine the amount of ending inventory Baird will report on the e Ending inventory Required A Required B Required C Required D Prepare a schedule of cash payments for inventory for April, May, and June. (Round your fi dollar.) April May June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory $ 0 0 0 Required A Required B Required C Required D Determine the balance in accounts payable Baird will report on the end-of-quarter pro forn Accounts payable