Fanning, Inc. sells fireworks. The companys marketing director developed the following cost of goods sold budget for April, May, June, and July. April May June July Budgeted cost of goods sold $79,000 $89,000 $99,000 $105,000 Fanning had a beginning inventory balance of $3,800 on April 1 and a beginning balance in accounts payable of $15,600. The company desires to maintain an ending inventory balance equal to 15 percent of the next periods 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 Prepare an inventory purchases budget for April, May, and June. Determine the amount of ending inventory Fanning will report on the end-of-quarter pro forma balance sheet. Prepare a schedule of cash payments for inventory for April, May, and June. Determine the balance in accounts payable Fanning will report on the end-of-quarter pro forma balance sheet.

Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. July Budgeted cost of goods sold April $79,000 May $89,000 June $99,000 $105,000 Fanning had a beginning inventory balance of $3,800 on April 1 and a beginning balance in accounts payable of $15,600. The company desires to maintain an ending inventory balance equal to 15 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 Required D Prepare an inventory purchases budget for April, May, and June. April $ 79.000 $ May June 89,000 $ 99,000 Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) 89,000 99,000 79,000 3,800 75,200 $ $ 89,000 $ 99,000 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 $79,000 May $89,000 June $99,000 July $105,000 Fanning had a beginning inventory balance of $3,800 on April 1 and a beginning balance in accounts payable of $15,600. The company desires to maintain an ending inventory balance equal to 15 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 inventory Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, Jun and July. April May July Budgeted cost of goods sold $79,000 $89,000 $99,000 $105,000 June Fanning had a beginning inventory balance of $3,800 on April 1 and a beginning balance in accounts payable of $15,600. The company desires to maintain an ending inventory balance equal to 15 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.) April May June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory $ 0 CA 0 $ Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April $79,000 May $89,000 Budgeted cost of goods sold June $99,000 July $105,000 Fanning had a beginning inventory balance of $3,800 on April 1 and a beginning balance in accounts payable of $15,600. The company desires to maintain an ending inventory balance equal to 15 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 balance in accounts payable Fanning will report on the end-of-quarter pro forma balance sheet. Accounts payable