* Budgeted monthly cost of goods sold is equal to 60% of total budgeted sales of the current month * The desired ending inventory for each month should equal $10,000 plus 10% of the current month's cost of goods sold * The inventory balance at March 31, 2019 was $28.000 * All purchases are made on account. The company's suppliers require that 50% of the accounts payable to be paid during the month of purchase, with the remaining 50% to be paid in the month following purchase. * The company's accounts payable was $93.000 at March 31, 2020, which represents the unpaid portion of inventory purchases on account from March Use the template spreadsheets provided in teams to help you complete Unit 3 - Review and Exam> files> exam templates.xlsx Pro Forma Cash Sales Sales on Account Total Sales Sales Forecast for the second quarter of 2020 April May June $120,000 $1 000 $280.000 $350,000 $420,000 $400.000 $500 000 $600,000 Template:Inventory purchases budget for second quarter 2020 April May June Pro-forma Projected inventory purchases: $ $ $ Budgeted cost of goods sold Plus Desired ending inventory Total inventory needed Less beginning inventory Required inventory purchases Schedule of cash payments for Current month's purchases Plus Prior month's purchases Total cash payments for inventory 18 Determine the cost of goods sold amount that will appear on the quarterly pro-forma income statement for the second quarter of 2020. (4 Points) Enter your answer 19 Determine the amount of ending inventory that will appear on the quarterly pro- forma balance sheet as at June 30, 2020. (4 Points)