Problem 7-18A (Algo) Preparing an inventory purchases budget and schedule of cash payments LO 7-3 Solomon, Incorporated sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Solomon had a beginning inventory balance of $3,100 on April 1 and a beginning balance in accounts payable of $14,300. 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 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 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. Prepare an inventory purchases budget for April, May, and June. Complete this question by entering your answers in the tabs below. Determine the amount of ending inventory Solomon will report on the end-of-quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Determine the balance in accounts payable Solomon will report on the end-of-quarter pro forma balance sheet