Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April $66,000 May $76,000 June July $92,000 $86,000 Budgeted cost of goods sold Fanning had a beginning inventory balance of $4,400 on April 1 and a beginning balance in accounts payable of $15,600. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Fanning makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Fanning will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Fanning will report on the end-of-quarter pro forma balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget April May June $ 66,000 S 76,000 S 86,000 Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed 66,000 76,000 86,000 Less: Beginning inventory S 86,000 66,000 S 76,000 Required purchases (on account) Complete this question by entering your answers in the tabs below. Required B Required A Required C Required D Determine the amount of ending inventory Fanning will report on the end-of-quarter pro forma balance sheet. Ending inventory Complete this question by entering your answers in the tabs below. Required CRequired D Required A Required B Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar.) June Schedule of Cash Payments April May Payment of current accounts payable Payment of previous accounts payable $ 0 0 Total budgeted payments for inventory Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the balance in accounts payable Fanning will report on the end-of-quarter pro forma balance sheet. Accounts payable