Exercise 7-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 7-3 Perez Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April May Required purchases (on account) $100,000 $128,000 $140,000 June Perez Books' accountant prepared the following schedule of cash payments for inventory purchases, Perez Books' suppliers require that 90 percent of purchases on account be paid in the month of purchase the remaining 10 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filing in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro formo balance sheet at the end of the second quarter. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash payments for inventory purchases by filling in the missing amounts May June Schedule of Cash Payments for Inventory Purchases April Payment for current accounts payable $ 97.200 Payment for previous accounts payable 8,000 Total budgeted payments for inventory $ 105,200 Required B > Perez Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory Required purchases (on account) April $108,000 May $128,000 June $140,000 Perez Books' accountant prepared the following schedule of cash payments for inventory purchases. Perez Books' suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter Accounts payable