Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Franklin Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget Franklin's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000 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 Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget Budgeted cost of goods sold S January 53,000 11.400 February $ 57,000 March $ 63.000 Inventory needed 64 400 10.600 Required purchases (on account) $ 53,000 Req B and C > 4