Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April 566,000 Budgeted cont of goodo nold May $75,000 June $86,000 July $92,000 Franklin had a beginning inventory balance of $3,300 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 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 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 Required Required Prepare an inventory purchases budget for April May, and June Inventory Purchases Budget May June Budgeted cost of goods sold $ 66,000 $ 76,000$ 86,000 April Inventory needed 66.000 78,000 38,000 Required purchases (on account) $ 66,000 $76,000 5 86,000 ER Required B> Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April May June, and July Budgeted cont of goods sold April 566,000 May $76,000 June $86,000 July $92,000 Franklin had a beginning inventory balance of $3,300 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 perlod's cost of goods sold. Franklin 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 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 Determine the amount of ending inventory Franklin will report on the end-of-quarter pro forma balance sheet. Ending inventory Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. July Budgeted coat of goods nold $76,000 $86,000 $92,000 May June April $66,000 Franklin had a beginning Inventory balance of $3,300 on April 1 and a beginning balance in accounts payable of $15,800. The company desires to malntain an ending Inventory balance equal to 15 percent of the next perlod's cost of goods sold. Franklin 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 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 a schedule of cash payments for Inventory for April, May, and June. (Round your final answers to the nearest whole dolor.) Schedule of Cash Payments April May June Payment of current accounts payablo Payment of previous accounts payable Total budgeted payments for inventory $ 05 0 $ 0 Franklin, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July Budgeted cont of goods sold April $66,000 Hay $76,000 Jane $86,000 July $92,000 Franklin had a beginning Inventory balance of $3,300 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 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 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 Determine the balance in accounts payable Franklin will report on the end-or-quarter pro forma balance sheet Accounts payable