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Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencers policy is to maintain an ending inventory balance equal to 15 percent of the following months cost of goods sold. Aprils budgeted cost of goods sold is $78,000.

	January	February	March
Budget Cost of Goods Sold	56,000	60,000	66,000
Plus: Desired Ending Inventory	9,000
Inventory Needed	65,000
Less: Beginning Inventory	8,400
Required Purchase On account	56,600

Required:

a.	Complete the inventory purchases budget by filling in the missing amounts.

b.	Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.

c.	Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.