Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Vernon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following Inventory purchases budget. Vernon'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 $78,000. Required Required to purchased by 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. Complete this question by entering your answers in the tabs below. n by entering your Maga ReqA Req B and C complete entory Purcha Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 62,000 $ 56,000 $ 62,000 Plus: Desired ending inventory 5.600 Inventory needed 57,600 Less: Beginning inventory Required purchases (on account) 5.200 $ 52.400 Red Band C > 3 of 4 Next > Complete this question by entering your answers Req A Req B and C Determine the amount of cost of goods sold the compan Determine the amount of ending inventory the company quarter. Cost of goods sold c. Ending inventory