Franklin had a beginning inventory balance of $3,900 on April 1 and a beginning balance in accounts payable of $15,800. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Franklin makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Franklin 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 Franklin 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 ventory Purchases Budget April Budgeted cost of goods sold $ 79,000$ 89,000 99,000 Inventory needed Required purchases (on account) Required A Required B Franklin had a beginning inventory balance of $3,900 on April 1 and a beginning balance in accounts payable of $15,800. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Franklin makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Franklin 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 Franklin 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 ventory Purchases Budget April Budgeted cost of goods sold $ 79,000$ 89,000 99,000 Inventory needed Required purchases (on account) Required A Required B