prll May $63,000 $73,000 $83,000 $89,000 June July Budgeted cost of goods sold Peabody had a beginning inventory balarice of $3,600 on April 1 and a beginning balance in accounts payable of $15,700. The company desires to maintain-an ending Inventory balance equal to 20 percent of 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 following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget April May 73.000 $ 83,000 June Budgeted cost of goods sold $ 63,000 $ 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. April May June Schedule of Cash Payments Payment of cument accounts payable Payment of previous accounts payable Total budgeted payments for nventory d. Determine the balance in accounts payable Peabody will report on the end of-quarter pro forma balance sheet. Accounts payable