Solomon Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Solomon's 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 $75,000 Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Reg B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Budgeted cost of goods sold $ 54,000 $ 58,000 $ 64,000 8,700 Inventory needed 62,700 8,100 Required purchases (on account) $ 54,600 S Reg A Reg B and C> Stuart Medical Clinic has budgeted the following cash flows. January February March $115,000 $121,000 $141,000 Cash receipts Cash payments For inventory purchases For S&A expenses 97,500 38,500 79,500 39,500 92,500 34,500 Stuart Medical had a cash balance of $15,500 on January 1. The company desires to maintain a cash cushion of $8,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 1 percent per month. Repayments may be made in any amount available. Stuart pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from last year's quarterly results. Required Prepare a cash budget. (Round intermediate and final answers to the nearest whole dollar amounts. Any repayments should be indicated with a minus sign.) January February March Cash Budget Section 1: Cash Receipts Total cash available Section 2: Cash Payments