Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 05:43 Fanning Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Fanning's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $81,000 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 - encos Complete this question by entering your answers in the tabs below. Reg A Red Band C Complete the inventory purchases budget by filling in the missing amounts. Tutor Purch Part Req A Req B and c 05:27 Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold S 59,000 $ 63,000 $ 69,000 9,450 Inventory needed 68,450 8,850 Required purchases (on account) $ 59,000 ok int rences Req B and C > Complete this question by entering your answers in the tabs below. Req A Req B and 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 firs quarter b. Cost of goods sold c. Ending inventory K ReqA Reg Band