Chapter 14 Homework Saved 2 Solomon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Solomon's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $83,000. 3.33 points Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. eBook Hint Complete this question by entering your answers in the tabs below. Print Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. References February March $ 59,000 $ 65,000 Inventory Purchases Budget January Budgeted cost of goods sold 55,000 5,900 Inventory needed 60,900 5,500 Required purchases (on account) 55,400 - Req A Reg B and C >