Humboldt, 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 Apr 12 May Jane July $37,500 634,000 $30,000 $45,000 Humboldt had a beginning inventory balance of $1,800 on April 1 and a beginning balance in accounts payable of $7,400. The company desires to maintain an ending Inventory balance equal to 10 percent of the next period's cost of goods sold. Humboldt makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Humboldt 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 Humboldt will report on the end-of-quarter pro forma balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required a Required B Required Required D Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory April $ 37 500 3.400 May $ 34.000 3,000 $ 30,000 4.500 Humboldt, 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 July $37,500 $34,000 $30,000 $45,000 Humboldt had a beginning inventory balance of $1,800 on April 1 and a beginning balance in accounts payable of $7,400. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Humboldt makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Humboldt 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 Humboldt will report on the end-of-quarter pro forma balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Determine the amount of ending inventory Humboldt will report on the end-of-quarter pro forma balance sheet. Ending inventory 104,200 MURTHY June, and July Wwwwwww Budgeted cost of goods sold April May June July $37,500 $34,000 $30,000 $45,000 Humboldt had a beginning inventory balance of $1,800 on April 1 and a beginning balance in accounts payable of $7,400. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Humboldt makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Humboldt 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 Humboldt will report on the end-of-quarter pro forma balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a schedule of cash payments for inventory for April, May, and June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory April May Juno $ 23,450 $ 15,640 $ 13,440 20.1603 18,900 $ 23,460 $ 35,800 $ 32,340