Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencer's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000. Required a. Complete the inventory purchases budget by filling in the missing amounts Inventory Purchases Budget January February March Budgeted cost of goods sold5400060 Plus: Desired ending inventory10,800 Inventory needed Less: Beginning inventory Required purchases (on account) 50.800 50,00054,000 60,000 60,800 10,000 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 14