Peabody, Inc., sells fireworks. The company's marketing director developed the following cost of goods sol budget for April, May, June, and Jul un Budgeted cost of goods sold $74,000 $94,000 $100,000 Peabody had a beginning inventory balance of $4,100 on April 1 and a beginning balance in accoun payable of $15,300. The company desires to maintain an ending inventory balance equal to 20 percent o the next period's cost of goods sold. Peabody makes all purchases on account. The company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month followin purchase Require a. Prepare an inventory purchases budget for April, May, and June Inventory Purchases Budget Budgeted cost of goods sold May S 74,000 S 84,000$ 94,000 April June Inventory needed Required purchases (on account) b. Determine the amount of ending inventory Peabody will report on the end-of-quarter pro forma balance sheet Ending inventory c. Prepare a schedule of cash payments for inventory for April, May, and June Schedule of Cash Payments April May June Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory d. Determine the balance in accounts payable Peabody will report on the end-of-quarter pro forma baland sheet ounts pavable