Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Budgeted cost of goods sold April $73,000 May June July $83,000 $93,000 $99,000 Fanning had a beginning inventory balance of $3,400 on April 1 and a beginning balance in accounts payable of $14,900. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Fanning makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 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 Budgeted cost of goods sold Inventory needed Required purchases (on account) April May June $ 73,000 $ 83,000 $93.000 Bagolist Required B> Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Budgeted cost of goods sold April May $73,000 $83,000 June $93,000 July $99,000 Fanning had a beginning inventory balance of $3.400 on April 1 and a beginning balance in accounts payable of $14,900. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Fanning makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 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 Determine the amount of ending inventory Fanning will report on the end-of-quarter pro forma balance sheet. Ending Inventury Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Budgeted cost of goods sold April May $73,000 $83,000 June July $93,000 $99,000 Fanning had a beginning inventory balance of $3,400 on April 1 and a beginning balance in accounts payable of $14,900. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Fanning makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 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 a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar.) Schedule of Cash Payments April May June Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Budgeted cost of goods sold April $73,000 May June $83,000 $93,000 July $99,000 Fanning had a beginning inventory balance of $3,400 on April 1 and a beginning balance in accounts payable of $14,900. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Fanning makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 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 tobs 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