Solomon, Incorporated sells fireworks. The company$$s marketing director developed the following cost of goods sold budget for April, May, June, and July.

April May June July

Budgeted cost of goods sold $ $71,000$ $ $81,000$ $ $91,000$ $ $97,000$

Solomon had a beginning inventory balance of $$2,900$ on April $1$ and a beginning balance in accounts payable of $$14,900.$ 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

Prepare an inventory purchases budget for April, May, and June.

Determine the amount of ending inventory Solomon will report on the end$-$of$-$quarter pro forma balance sheet.

Prepare a schedule of cash payments for inventory for April, May, and June.

Determine the balance in accounts payable Solomon will report on the end$-$of$-$quarter pro forma balance sheet.