Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget Thornton'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 $75,000. 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 hv enterinn Complete this question by entering your answers in the tabs below. Req A Reg B and Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 52,000 $ 56,000 $ 62,000 5,600 Inventory needed 57,600 5,200 Required purchases on account) $ 52,400 Reg and c> Complete this question by entering your answers in the tabs below. Req A Req B and C Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. 6. Cost of goods sold c. Ending Inventory