Problem 7-18A (Algo) Preparing an inventory purchases budget and schedule of cash payments LO 7-3 Jordan, Incorporated 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 $ 64,000 May $ 74,000 June $ 84,000 July $ 90,000 Jordan had a beginning inventory balance of $3,500 on April 1 and a beginning balance in accounts payable of $14,700. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Jordan makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 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 Jordan 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 Jordan 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. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) April May June $ 64,000 $ 74,000 $ 84,000 64,000 74,000 84,000 $ 64,000 $ 74,000 $ 84,000 < Required A Required B