Problem 14-18 Preparing an inventory purchases budget and schedule of cash payments LO 14-3 Solomon, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July Budgeted cost of goods sold April $76,000 May $86,000 June $96,000 July $102,000 Solomon had a beginning inventory balance of $4,400 on April 1 and a beginning balance in accounts payable of $15,700. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Solomon 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 Solomon 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 Solomon 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 Determine the balance in accounts payable Solomon will report on the end-of-quarter pro forma balance sheet. Accounts payable Required A Required B Required 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