Gibson, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for Arl, May, June, and July Budgeted coat of goods sold April May June July 559.000 79.000 $89,000 $95.000 Gibson had a beginning Inventory balance of $2.700 on April 1 and a beginning balance in accounts payable of $14,400. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Gibson 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 Apr 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 Required Required Required Prepare an inventory purchases budget for April, May, and June. Inventory Purchases April May June Budget Budgeted cost of goods sold O $79,000 Inventory needed Required purchases (on account) Required Required B > Gibson, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for Apr May June, and July Budgeted cost of goods sold April May June July $69.000 79.000 $89,000 $95.000 Gibson had a beginning inventory balance of $2,700 on April 1 and a beginning balance in accounts payable of $14,400. The company desires to maintain an ending Inventory balance equal to 15 percent of the next period's cost of goods sold. Gibson 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 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 Required Required Required Determine the amount of ending inventory Gibson will report on the end-of-quarter pro forma balance sheet. Ending inventory 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 April May June July 559.000 79.000 $89,000 $95.000 sold Gibson had a beginning Inventory balance of $2.700 on April 1 and a beginning balance in accounts payable of $14,400. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Gibson 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 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 Required Required Required 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 Ourrent accounts payable Payment of previous accounts payable Total budgeted payments for inventory 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 April May June July $69.000 $79,000 $89,000 $95,000 sold Gibson had a beginning inventory balance of $2.700 on April 1 and a beginning balance in accounts payable of $14,400. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Gibson 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 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 Required Required Required A B C D Determine the balance in accounts payable Gibson will report on the end-of-quarter pro forma balance sheet Accounts payable