John's Convenience Stores' income statement for the year ended December 31, 2015, and its balance sheet as of December 31, 2015 reported the following (Click the icon to view the financial statements) The business is organized as a proprietorship, so it pays no corporate income tax. The owner is budgeting for 2016 and expects sales and cost of goods is increase by 7%. To meet customer demand ending inventory will need to be exist79 000 at December 31, 2016. The owner hopes to earn a net income of exist159,000 next year. Requirements One of the most important decisions a manager makes is the amount of inventory to purchase. Show how to determine the amount of inventory to purchase in 2016. Prepare the store's budgeted income statement for 2015 to reach the target net income of exist159.000. To reach the operating expenses must decrease by exist4, 850 Requirement 1. One of the most important decisions a manager makes is the amount of inventory to purchase. Show how to determine the amount of inventory to purchase in 2016. _____ _____ _____ _____ _____ _____ _____ _____ Purchases, budgeted _____