Munoz Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: Required purchases (on account) April May $118,000 $138,000 June $150,000 Munoz Books' accountant prepared the following schedule of cash payments for inventory purchases. Munoz Books' suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter. Complete the schedule of cash payments for inventory purchases by filling in the missing Schedule of Cash Payments for Inventory Purchases April May June Payment for current accounts $ $ $ 106,200 payable Payment for previous accounts payable 124,200 138,000 12,000 11,800 13,800 Total budgeted payments for inventory $ $ $ 118,200 136,000 151,800