Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Solomon Company sels lamps and other lighting fixtures. The purchasing department manager prepared the following invertory purchases budget Solomon's policy is to maintain an ending inventory balance equal to 15 percent of the following manth's cost of goods sold. Apeirs budgoted cest of goods sold is $82,000. Required a. Complete the inventory purchases budget by filing in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its fist quarter pro forma income statement. c. Dotermine the amount of ending irwentory the company will report on its pco forma balsnce sheet at the end of the first quarter. Complete this question by entering your answers in the tahs below, Determine the amount of cast of goods sold the company wit repoit on its first quarter pro forma income tatement. Determine the amount of ending limertary tha compony aid report on its pro forma bslance sheet at the end of the frit: nuarter. Solomon Company sels lamps and other lighting fotures. The purchasing department manager prepared the following inventory purchases budget Solomon's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods soid, Apri's buidgeted cost of goods sold is $82,000. Required a. Complete the inventery purchases budget by filing in the missing amounts. b. Determine the amount of cost of goods sold the company wil report on its tirst quarter pro forma income statement. c. Determine the amount of ensing inventory the compony wit roport on its pro forma balance shoet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Complete tha ifventory purchases budgot by filling in the missing amounts