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Peabody Inc ,sells fireworks The company marknting director developed the following cost of goods sold budget for April, May, June, and July July Budgeted cost of goods sold $77,000 $87,000 $97 000 $103,000 Peabody had a beginning inventory balance of S3,000 on April 1 and a beginning balance in accounts payable of $15.200. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold Peabody makes allpurchases on account The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the month following purchase Required a. Prepare an inventory purchases budget for April May and June Inventory Purchases Budget April May June Budgeted cost of goods sold 77,000 87,000 97,000 Inventory needed Required purchases (on account) b. Determine the amount of ending inventory Peabody will report on the end ofquarter pro sorma balance c. Prepare a schedule of cash payments or inventory for Apr May and June chedule of Cash Payments ts O ype here to search