Gibson Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget Gibson's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $80,000. Rred a Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quartet Complete this question by entering your answers in the tabs below. Red A Rey and Complete the inventory purchases budget by filling in the missing amounts Inventory Purchase Budget January February March Budgetcost of goods sold 53.000 5 57.000 5 63.000 8,550 Inventory needed 51.550 7.950 Required purchases on account) 5 83.600 Red A Regard Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement, Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter b Cost of goods sold 6. Ending inventory