Perez, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. April June July Budgeted cost of goods sold $64,000 $ 74,000 $ 84,000 $90,000 May Perez had a beginning inventory balance of $4,600 on April 1 and a beginning balance in accounts payable of $15,300. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Perez 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 following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Perez 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 Perez will report on the end-of-quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. May June $ $ 84,000 Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) April $ 64,000 14,800 78,800 4,600 74,000 16,800 90,800 18,000 102,000 $ 74,200 $ 90,800 $ 102,000 Perez, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. July Budgeted cost of goods sold April $64,000 May $ 74,000 June $ 84,000 $90,000 Perez had a beginning inventory balance of $4,600 on April 1 and a beginning balance in accounts payable of $15,300. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Perez 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 following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Perez 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 Perez will report on the end-of-quarter pro forma balance sheet. 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. (Round your final answers to the nearest whole dollar.) Schedule of Cash Payments April May June Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory $ 0 $ 0 $ 0