Quesnon 4 (of 27) 4. Spencer Company sells lamps and other ighting fotures. The purchasing department manager prepared the following imventory purchases budget Spencers policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $77,000 Required a. Complete the inventory purchases budget by filing in the missing amounts Inventory Purchases Budget March Budgeted cost of goods sold Plus Desired ending inventory 7,000 $61,000 $67,000 9.15010.060 66.15 71050 Less Beginning inventory 8,550 Requred purchases (om account)$7 Determine the amourne of cost of goods sold the company will seport on es first quarter pro forma income statement b. c. Determine the amoust of ending inventory the cempany will report on ts pro torma balance sheet at th end of the first quater Search the web and oe:)