Franklin, Inc, sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June Budgeted cost of goods sold $76,000 $86,000 $96,000 $102,00 July Franklin had a beginning inventory balance of $4,500 on April 1 and a beginning balance in accounts payable of $15,200. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Franklin 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 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. Required A Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget April May June Budgeted cost of goods sold $ 76,000 $ 86,000 $ 96,000 Plus: Desired ending inventory Inventory needed 76,000 86,000 96,000 Required purchases (on account) $ 76,000 $ 86,000 $ 96,000