Patel Inc. is a merchandising firm and sells fireworks imported from China. The budget for the next year projects the following amounts of Cost of Goods Sold for April - July. You are also given the actual values of inventory of merchandise and Accounts Payable as of April 1, the first day of the second quarter. April May June July Budgeted cost of goods sold $64,000 $74,000 $84,000 $90,000 The actual balance of inventory of fireworks on April 1. $4,100 The actual balance of Accounts Payable on April 1. $13,900 The company's policies on inventory and payment pattern for purchase of inventory are given below. Note that the actual ivnentory and actual A/P balance may differ from the budgeted numbers because of uncertainty in market conditions. The company's policy on inventory and payment for inventory are as follows: Desired ending inventory for any month expressed as a percentage of next month's cost of goods 15.00% sold Company has the following policy for payment of accounts payable towards purchase of inventory: Percentage of inventory purchase cost paid in the same month as purchase 65.00% Percentage of inventory purchase cost paid in the month next to the month of purchase 35.00% Required: Part A) Find the inventory purchase budget for the months of April, May and June (4 points) Part B) What is the expected amount of ending inventory of fireworks at the end of the quarter (2 points)? Part C) Find the budgeted amounts of cash paid towards the purchase of inventory for the months of April, May and June (4 points) Part D) What is the Accounts payable balance reported at the end of the quarter (2 points)