Budgeted cost of goods sold $ 79,000 $89,000 $99,000 $105,000 3.33 points Franklin had a beginning inventory balance of $3,600 on April 1 and a beginning balance in accounts payable of $13,800. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Franklin 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 Franklin 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 Franklin will report on the end-of-quarter pro forma balance sheet. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) April $ 79,000 13,350 92,350 3,600 $ 88,750 May $ 89,000 14,850 103,850 13,350 $ 90,500 June $ 99,000 15,750 114,750 14,850 $ 99,900 Required A Required B > Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July 3.33 points April $ 79,000 May $89,000 June $99,000 July $105,000 Budgeted cost of goods sold Franklin had a beginning inventory balance of $3,600 on April 1 and a beginning balance in accounts payable of $13,800. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Franklin 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 Franklin 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 Franklin will report on the end-of-quarter pro forma balance sheet. & Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D Determine the amount of ending inventory Franklin will report on the end-of-quarter pro forma balance sheet. Ending inventory 5,750 Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. 3.33 points Budgeted cost of goods sold April $ 79,000 May $89,000 June $99,000 July $105,000 Franklin had a beginning inventory balance of $3,600 on April 1 and a beginning balance in accounts payable of $13,800. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Franklin 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 Franklin 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 Franklin will report on the end-of-quarter pro forma balance sheet. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar.) Schedule of Cash Payments June $ $ Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory April 62,125 X $ 13,800 75,925 $ May 63,350 26,625 89,975 69,930 X 27,150 97,080 $ $ Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July 3.33 April $ 79,000 Budgeted cost of goods sold May $89,000 June $99,000 July $105,000 points Franklin had a beginning inventory balance of $3,600 on April 1 and a beginning balance in accounts payable of $13,800. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Franklin 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 Franklin 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 Franklin will report on the end-of-quarter pro forma balance sheet. & Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the balance in accounts payable Franklin will report on the end-of-quarter pro forma balance sheet. Accounts payable 29.970