Gibson, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Budgeted cost of goods sold April May June $61,000 $71,000 $81,000 July $87,000 Gibson had a beginning inventory balance of $4,200 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. Gibson 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 Gibson 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 Gibson 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. Inventory Purchases Budget April May June Budgeted cost of goods sold $ 61,000 $ 71,000 $ 81,000 Inventory needed Required purchases (on account) Required A Required B Required C Required D Determine the amount of ending inventory Gibson will report on the end-of-quarter pro forma balance sheet. Ending inventory < Required A Required C > 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.) Schedule of Cash Payments April May June Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory < Required B Required D > Required A Required B Required C Required D Determine the balance in accounts payable Gibson will report on the end-of-quarter pro forma balance sheet. Accounts payable < Required C Required D >