Graded Practice #4 Sever 171 4 points Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencer's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $78,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. MC Graw Inventory Purchase Budget January February March Budgeted cost of goods sold 51,000 55.000 61.000 Plus Desired ending inventory 11,000 Inventory needed 62.000 Less Beginning inventory 10,200 Required purchases (on account) 51.800 b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Cost of goods sid < Prev 47 Next > Help Seve & Exit Submit Check my work