Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April $80,000 Budgeted cost of goods sold May $90,000 June $100,000 July $106,000 Franklin had a beginning inventory balance of $3,600 on April 1 and a beginning balance in accounts payable of $14,800. The company desires to maintain an ending inventory balance equal to 20 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 Required D Prepare an inventory purchases budget for April, May, and June. June April $ 80,000 $ May 90,000 $ 100,000 Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. July April $80,000 Budgeted cost of goods sold May $90,000 June $100,000 $ 106,000 Franklin had a beginning inventory balance of $3,600 on April 1 and a beginning balance in accounts payable of $14,800. The company desires to maintain an ending inventory balance equal to 20 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 Determine the amount of ending inventory Franklin will report on the end-of-quarter pro forma balance sheet. Ending inventory Required A Required > Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April $80,000 Budgeted cost of goods sold May $90,000 June July $100,000 $106,000 Franklin had a beginning inventory balance of $3,600 on April 1 and a beginning balance in accounts payable of $14,800. The company desires to maintain an ending inventory balance equal to 20 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 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 $ 0 $ 0