Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Perez Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget . Perez'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 $77,000, 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 the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 60,000 $ 64,000 $ 70,000 12,800 Inventory needed 72,800 12,000 Required purchases (on account) $ 60,800 acme the amount of ending inventory the com quarter. b Cost of goods sold Ending inventory C